I recently shared a potential short trade for GBPUSD and having looked at the GJ chart, i believe trading Pound against the Yen is a better trade opportunity.
Not only is price rejecting the 135.500 resistance level right now but I believe removing USD from the trade will help in regards to reducing potential volatility and market chop. As we know, the US markets are seeing extreme influences from governments and the public.
135.500 resistance needs to hold strong on the 4hr chart for the short trade to be entered.
From there I would want price to break the 4hr 50EMA and bullish TL (on the chart). If this occurs then I believe we will likely see an expanding wedge pattern form and price to make new lower lows at 128.00. This is marked on the chart.
If the 135.500 zone is broken to the upside then a break and retest, long trade is ideal. I will update if this happens
Not only is price rejecting the 135.500 resistance level right now but I believe removing USD from the trade will help in regards to reducing potential volatility and market chop. As we know, the US markets are seeing extreme influences from governments and the public.
135.500 resistance needs to hold strong on the 4hr chart for the short trade to be entered.
From there I would want price to break the 4hr 50EMA and bullish TL (on the chart). If this occurs then I believe we will likely see an expanding wedge pattern form and price to make new lower lows at 128.00. This is marked on the chart.
If the 135.500 zone is broken to the upside then a break and retest, long trade is ideal. I will update if this happens
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