Hello traders.
GBPJPY has performed a quite bullish price action. But the market makers' game is usually trapping the retailers on Mondays and reverse the trend later during week. So, I am sceptical.
The pair definitely needs corrections and that is not only an opinion of mine.
It is overbought so many big players will close their profits pretty soon. However, it remains bullish in technical analysis and GBP is bouncing from the lows while JPY keeps loosing value.
Drawing Fib levels from the Swing Low to Swing High, based of the last 4H impulse move, I consider the below Fib retracement area as a great long opportunity.
163.585 - 166.057
Note: it is at a weekly Supply level but I see the potential to break it and aim for Multiyear highs.
good luck
GBPJPY has performed a quite bullish price action. But the market makers' game is usually trapping the retailers on Mondays and reverse the trend later during week. So, I am sceptical.
The pair definitely needs corrections and that is not only an opinion of mine.
It is overbought so many big players will close their profits pretty soon. However, it remains bullish in technical analysis and GBP is bouncing from the lows while JPY keeps loosing value.
Drawing Fib levels from the Swing Low to Swing High, based of the last 4H impulse move, I consider the below Fib retracement area as a great long opportunity.
163.585 - 166.057
Note: it is at a weekly Supply level but I see the potential to break it and aim for Multiyear highs.
good luck
Trade closed: target reached:
tp1 reached + 300 pips