VantegicTrading

GBP/JPY upside potential

Long
FX:GBPJPY   British Pound / Japanese Yen
This market has been in a range since the 24th of December and its struggled to make a new high, there seemed to be a lot of dealing and order-flow build up toward's the back end of last week with it consistently making HL and forming an ascending triangle on the 4hr TF.

I believe there will be short term sell opportunity before pushing off of the 4hr OB and forming the new high we've been waiting for. A lot of traders are going to be trading the range and I think they'll get caught out by smart money.

Price needs to be monitored and see how it reacts to key levels.

Comments

i completely agree with you especially as theres been a new strain found in japan, boe are looking to cut interest rates so bulls will be waiting to buy there,but do keep an eye out on that level and see how much price rejects it id still wait for it to get around 140.150 as thats a major key level for the bulls. also it perfectly links up with fib retracing at .618
+2 Reply
See I love this thinking!
Reply
Thanks @AlkalineFX, it worked out perfectly. when you read charts like smart money it becomes a lot more clearer.
SL is now at breakeven, hopefully we'll see some volume on London open to give the next leg up.
Reply
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