Hey Traders, in today's trading session we are monitoring GBPJPY for a buying opportunity around 172.900 zone, GBPJPY is trading in an uptrend and currently seems to be in a correction phase in which it is approaching the major trend 172.900 support zone. Fundamentally with the inflation concerns the market is pricing further rate hikes from BoE. Trade safe, Joe.
Formed a double bottom pattern, and has crossed the neckline. hope this helps, keep doing your own analysis. thank you
Entry --> 121.649 Stop-Loss --> 121.859 Take-Profit --> 121.183
USDJPY is approaching our first support at 111.22 (horizontal pullback support, 61.8%, 100% Fibonacci extension, 50%, 61.8% Fibonacci retracement) where a strong bounce might occur above this level to our major resistance at 111.57 (38.2% Fibonacci retracement). Stochastic (89,5,3) is also approaching support. Trading CFDs on margin carries high risk. Losses...
Looks like a CADJYP long is lining up nicely. Reasons; Rejection on support level 3 times. Possible pin bar candle forming. Confirmation on indication of long position. I want to wait to make sure this candle closes as a pin bar then tomorrow wait for a slight pull back before taking my long position.