GBPJPY ANALYSIS 28.02.2024

1) Technical analysis: Observing the Awesome Oscillator (AO), it appears that there is a potential formation of a Higher Low (HL) pattern, indicating bullish divergence, alongside the market structure forming Lower Lows (LL).

2) Fibonacci Retracement utilization: I utilize Fibonacci retracement tool to identify potential price levels as the best buying points.

3) Determination of buy zone: I select the Fibonacci levels ranging from 1.236 to 1.618 as potential buy zones. This range selection is based on the tendency to seek deeper levels as entry points, reflecting potential strength in the trend.

4) Confirmation with trendline: The Fibonacci levels chosen also coincide with the trendline I've identified previously, increasing confidence that this is a strong buying point.

By combining AO analysis, Fibonacci retracement, and trendline confirmation, I aim to optimize trading opportunities by selecting potential entry points based on technical analysis.