GBPJPY short term LONG
GBPJPY is sitting in a bearish trend but due some sort of correction before continuation to the downside could be upon us.
A buy at this level or just below with a target of 196 would be my trade. This is solely a correction move with further downside movement predicted long term as the DOL is sell-side liquidity at much lower levels.
196 confluence area has a 4H FVG to fill and 0.618 fib level. GBPJPY does move in larger extremes so i wouldn't be surprised if we even hit 197 before the shuffle.
News this week for GBP - inflation data Y/Y and GDP.
The events for the week might correlate to a buy the rumor sell the news sort of move.
DXY is still bullish and has room to continue its move higher, JPY and DXY normally move inverse of each other, so these levels will also need to be watched.
Please do your own research before taking any trades. Your thoughts are welcome.
A buy at this level or just below with a target of 196 would be my trade. This is solely a correction move with further downside movement predicted long term as the DOL is sell-side liquidity at much lower levels.
196 confluence area has a 4H FVG to fill and 0.618 fib level. GBPJPY does move in larger extremes so i wouldn't be surprised if we even hit 197 before the shuffle.
News this week for GBP - inflation data Y/Y and GDP.
The events for the week might correlate to a buy the rumor sell the news sort of move.
DXY is still bullish and has room to continue its move higher, JPY and DXY normally move inverse of each other, so these levels will also need to be watched.
Please do your own research before taking any trades. Your thoughts are welcome.
Trade closed: stop reached
GBP too weak, BE stop hit
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.