GBPJPY My View

GBPJPY - Bullish Buy on Support

The strategy focuses on taking a bullish position on GBPJPY, with the goal of buying at key support levels as the pair shows strength. The idea is to enter long positions at every opportunity where the price bounces off established support zones, anticipating continued upward movement.

Trade Setup: Buy on every confirmed support level, especially after price shows signs of holding above these areas. Look for bullish price action such as a candlestick reversal pattern, or indicators like RSI or MACD showing bullish momentum.
Target: Hold positions for a longer-term rally, targeting higher resistance levels or key price zones where the pair has historically reversed.
Stop-Loss: Place the stop-loss just below the support level to manage risk in case of a breakdown.
Timeframe: Suitable for traders with a medium-to-long-term outlook, seeking to capitalize on each support bounce.


Disclaimer: Always ensure to manage risk effectively, and consider market conditions before entering trades.