GBPJPY is showing signs of bullish pressure to come. Price appears to be forming a possible bullish flag on a 4HR timeframe near to a strong supportive trendline. Furthermore, there is a local demand zone around the 134.000 zone, improving the odds. Traders who are looking to open a long position can place a stop loss below the supportive trendline and the local demand zone if they wish to go long at market execution (high risk). A more conservative approach would be to wait for a break and retest of the resistive trendline.
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Best of luck traders!
Be sure to follow me for more ideas and analyses. Leave a comment with your thoughts below, all input is appreciated.
Best of luck traders!
Trade active:
Long positions were opened and traders are now in very good sized profits. Profits will be locked, partial profits taken and remaining positions held.