GBP/JPY Buy Set up
Technical breakdown on GBPJPY
GJ is in a very bullish condition, however, I understand that the pair is also trading at a strong level of resistance
Saying that, GJ has the potential to break past resistance, and this could be the trade we need to make it happen
GJ has broken 15m resistance but hasn't come back to retest, this key area also lines up with a strong psychological level (165.000) as well as the 61.8 FIB level
I will be looking to take this buy as long as we see and a bearish candlestick formation, this can be wick rejections or a depletion of selling pressure
BUT
This area of resistance has a chance of holding so if price does break through 165 and retests this zone showing bearish pressure, I'll be looking to sell this pair down to 163.500 or 162.500
Technical breakdown on GBPJPY
GJ is in a very bullish condition, however, I understand that the pair is also trading at a strong level of resistance
Saying that, GJ has the potential to break past resistance, and this could be the trade we need to make it happen
GJ has broken 15m resistance but hasn't come back to retest, this key area also lines up with a strong psychological level (165.000) as well as the 61.8 FIB level
I will be looking to take this buy as long as we see and a bearish candlestick formation, this can be wick rejections or a depletion of selling pressure
BUT
This area of resistance has a chance of holding so if price does break through 165 and retests this zone showing bearish pressure, I'll be looking to sell this pair down to 163.500 or 162.500