GBPJPY on the 4H time frame is coming close to a key zone of reversal. This is a simple break or bounce scenario, but I will be looking for some further confirmations before I buy or sell.
Provided the market respects the zone and bounces off, most likely on the H4 or H1 time frame you will get MACD convergence + price action, clear indications for a buy.
Provided we get a break scenario, most likely it will be an impulsive break, like what we got for the previous zone, marked by the ellipse.
I'm more in favour of the bounce and a buy scenario as it looks like the convergence is creeping in, lets see!
@PipsOfPersia
t.me/pipsofpersia
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
3. Trading involves risk, past profits do not guarantee future results, so never risk what you are not willing to lose!
Provided the market respects the zone and bounces off, most likely on the H4 or H1 time frame you will get MACD convergence + price action, clear indications for a buy.
Provided we get a break scenario, most likely it will be an impulsive break, like what we got for the previous zone, marked by the ellipse.
I'm more in favour of the bounce and a buy scenario as it looks like the convergence is creeping in, lets see!
@PipsOfPersia
t.me/pipsofpersia
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
3. Trading involves risk, past profits do not guarantee future results, so never risk what you are not willing to lose!