Hi Traders,
Today I am looking at a potential Buy on GBP/JPY. Price tapped into a support 162.00 which has multiple confluences. There is an Order Block at the current price, There is also support, and it is a psychological support which gives us a higher probability of price pushing.
The current momentum is bearish so we have no business buying right now as we need to wait for price to start pushing and changing the structure to a more bullish nature. My target is the previous high which is around 166.250.
Looking at the flip side, If price continues the bearish momentum and breaks support I will leave it alone and come back next week to reanalyse the pair.
Last day of the month, Let's not force any trades.
Renaldo Philander
Today I am looking at a potential Buy on GBP/JPY. Price tapped into a support 162.00 which has multiple confluences. There is an Order Block at the current price, There is also support, and it is a psychological support which gives us a higher probability of price pushing.
The current momentum is bearish so we have no business buying right now as we need to wait for price to start pushing and changing the structure to a more bullish nature. My target is the previous high which is around 166.250.
Looking at the flip side, If price continues the bearish momentum and breaks support I will leave it alone and come back next week to reanalyse the pair.
Last day of the month, Let's not force any trades.
Renaldo Philander