#GBPJPY Potential upside continuation
*please be sure to remember that today we have FOMC meeting and they are going to announce funds rate and their policies for coming meetings with a high possibility of a lot of movement in all pairs.
since price rejected from the long term bullish channel upper line, price formed a bearish corrective structure with the possibility of upside continuation in favor of long term price movement.
As it can be seen in the chart price struggling with supply area for the past few days and failed several times to break below this supportive area.
more importantly today after another failed attempt to break below the support price rejected and formed strong bullish hammer candlestick pattern which can potentially shows buyers strength.
Now in order to trade this pair I'm looking for price to fail to go lower than the 4H bullish hammer candle low or break above lower timeframe bearish trendline.
since price rejected from the long term bullish channel upper line, price formed a bearish corrective structure with the possibility of upside continuation in favor of long term price movement.
As it can be seen in the chart price struggling with supply area for the past few days and failed several times to break below this supportive area.
more importantly today after another failed attempt to break below the support price rejected and formed strong bullish hammer candlestick pattern which can potentially shows buyers strength.
Now in order to trade this pair I'm looking for price to fail to go lower than the 4H bullish hammer candle low or break above lower timeframe bearish trendline.
Trade active:
This position is active and price is moving in the anticipated direction but be aware that about 1hour we have federal reserve funds rate news which can cause a lot of movement in the price.
So best thing to do is managing your risk and if price continue in the bullish direction let your profit to expand.
So best thing to do is managing your risk and if price continue in the bullish direction let your profit to expand.
Trade closed manually:
price showing a lot of struggle to continue its bullish move, and keep rejecting from short term bearish trendline, which got us to believe there is a possibility of downside move.
