We've had GBP/JPY drawn out in a longer term consolidation pattern for a while now.
Originally we were waiting for a break and retest of the zone to drop, but that the moment we actually broke to the upside.
You can see the price structure to the left that I am looking to grab a buy at, as we attempt to make a bullish push upward.
This opportunity is providing a good risk to reward ratio as well.
I've drawn out some partial take profit levels on the way to my overall target based off previous price structure.
If we fail to hold support, we may fall back into consolidation.
If that happens, this setup will become invalidated.
Originally we were waiting for a break and retest of the zone to drop, but that the moment we actually broke to the upside.
You can see the price structure to the left that I am looking to grab a buy at, as we attempt to make a bullish push upward.
This opportunity is providing a good risk to reward ratio as well.
I've drawn out some partial take profit levels on the way to my overall target based off previous price structure.
If we fail to hold support, we may fall back into consolidation.
If that happens, this setup will become invalidated.