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DrSwing_Forex

GBP/JPY (1Hour): Break and Re-test setup✅

Long
British Pound / Japanese Yen (OANDA:GBPJPY)  
DrSwing_Forex  
OANDA:GBPJPY   British Pound / Japanese Yen
Trend Analysis Trend Lines Support and Resistance
1
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trendanalysis trendline supportandresistance
Hey traders, please take a look at this potential setup which might unfold within the next day or two on GBPJPY.

Estimations:
Reward: 300 pips 🤑
Risk: 29 pips ❌
Risk/Reward Ratio: 10.11 ✔

Chart Breakdown:📈
  • Daily Timeframe:
    Uptrend in place.
    3rd touch sell setup on downward trendline contradicting the uptrend.

  • 4Hour Timeframe:
    Uptrend in place.
    4th touch of uptrend trendline buy setup further confirming the uptrend.

  • 1Hour Timeframe:
    There's a uptrend in place, although price formed a LL and LH, price failed to breach the previous HL of the uptrend.
    There's a downward trendline on this timeframe and I'm expecting price to break and re-test this trendline to give us a buy setup.


DR.Swing_Forex
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