GBPJPY - Top Down Analysis

Starting with the weekly timeframe, we can price action completed a tweezer bottom with last week's candle creating the second strong bearish rejection candle. This is a strong bullish signal.

Let's now take a look at the daily timeframe.

== DAILY ==

With the daily timeframe you can see that price action made a clear break and hold above the descending channel resistance.

Lastly let's take a look at the 4 hour chart,

== 4Hr ==

So with the 4 hour chart, this is my trade idea. Wait for dip towards my entry level and go long provided we don't have any strong bearish momentum to the downside at the time of purchase. This set up is a 3:1 risk to reward.