GBPJPY has retraced from its recent high of 188.5 and returned to an area we can see has been acting as a key zone all month. Along the way back down from its recent high we have seen price create lower lows and lower highs on the 1H timeframe. There is now a possibility we could see a reversal, first on the 1H and then on the 4H
Setup
Looking to enter long if price breaks above the trendline on the 1H and closes out of it.
The setup will become invalid if
GBPJPY closes below the key zone I have outlined on the 4H.
Stop Loss
Will be placing a stop loss below what ever we see as the recent low before price breaks the trend line on the 1H (currently around 186.6)
Take Profit
Will be at the recent high we have made on the 4H. May look to close a portion of the position and leave around 30% after moving SL to BE.
Setup
Looking to enter long if price breaks above the trendline on the 1H and closes out of it.
The setup will become invalid if
GBPJPY closes below the key zone I have outlined on the 4H.Stop Loss
Will be placing a stop loss below what ever we see as the recent low before price breaks the trend line on the 1H (currently around 186.6)
Take Profit
Will be at the recent high we have made on the 4H. May look to close a portion of the position and leave around 30% after moving SL to BE.
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