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GBPJPY 1hr chart UPDATE 7/23/22We have GBPJPY on the 1hr chart we have a break of structure (BOS) around the level of 164.752 making it a great for us to have the supply area around the level of 165.100 since that's from the red candlestick broke the structure. Meaning we clearly see a zone that hasn't been retested. For the support I took in consideration the point where we see it gets rejected which would be around the level 163.00. We ended the week with an engulfing green candlestick that closed at the level of163.400. I personally like setting my SL right under that lowest wick giving it enough space just in case it wants to pick up more orders from the lower level. On this trade I will be looking for a 2.5 risk/reward, I will be looking for around 1400 pips which is all the way until the supply area and for my SL I have it at 500 pips just around the lowest wick. And just as another indicator we also have the MACD which is telling us the sellers are losing momentum confirming us that we have the buy opportunity.
Long
by Juliansd
2
USDJPY 7/22/22 UpdateWe have USDJPY on daily chart that has been on a uptrend for a very long time and now it's looking like it reached its high level around the 139.400 and it's giving us the sign of a possible reversal coming up for the week. There is the uptrend trendline it's been respecting, and it looks like we will be breaking the trendline indicating a huge sign of the sell opportunity coming up around the level of 134.700. We can expect the breakout of the trendline and then a little pull back just to retest the support level I marked to see if it's strong enough to go back in the trendline making it a false breakout or simply just to pick up more orders around the support area and conform we have a big sell coming up. I would highly recommend waiting until we see the pushback to the support area just to get that extra confirmation that in fact, we have the sell.
Short
by Juliansd
3