GBPJPY gunning for 166.76
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GBPJPY has failed to hold below 164.38 which failed my bearish conditions and has changed my view on the price movement.
GBPJPY has been bullish for the past 1 week and I think it is consolidating so it can move higher and at this point, I am bullish biased on this pair and would recommend everyone look out for buying opportunities at 164.00 - 163.70 region.
👉 Price is above the 200EMA which clearly means we are still bullish
👉 Price has broken multiple resistance/supply/downward trendlines over the past couple of days
👉 Price is in a 5 waves progression and I believe wave 5 is currently unfolding, which puts my first target at 166.76.
I would recommend everyone to buy the dip, and as long as 163.44 holds uptrend is not over yet.
I would love to hear your views concerning GBPJPY. Please like if you agree and follow for more updates âť•âť•âť•
GBPJPY has been bullish for the past 1 week and I think it is consolidating so it can move higher and at this point, I am bullish biased on this pair and would recommend everyone look out for buying opportunities at 164.00 - 163.70 region.
👉 Price is above the 200EMA which clearly means we are still bullish
👉 Price has broken multiple resistance/supply/downward trendlines over the past couple of days
👉 Price is in a 5 waves progression and I believe wave 5 is currently unfolding, which puts my first target at 166.76.
I would recommend everyone to buy the dip, and as long as 163.44 holds uptrend is not over yet.
I would love to hear your views concerning GBPJPY. Please like if you agree and follow for more updates âť•âť•âť•
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I would suggest closing the position now and wait for a better entry
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