Don't be an impulsive trader and look to get in immediately at market open, wait for strong bullish confirmation.
I believe a buy trap will form around the region marked, I will be waiting to get involved lower at the ideal buy zone marked.
This pair looks healthy for an upside push before we see a strong bearish sell-off. My first upside target would be the imbalance fill, the second target is the previous high.
Once we see rejections at these points we can flip the bias to sells and look for long term bearish trends.
I believe that we can utilise the NFP data and the liquidity spikes as a good entry point to get involved In some long-term short positions. Once we eliminate the previous high point, I am expecting a severe collapse.
Sentiment Data - 56% Short
This pair is yet to tap into the low of the Asian Range, although it is trading within its most recent order block, I do think it is likely that a sweep of the lows will come before we begin to target some upside levels.
According to market sentiment 55% of retail is selling GBPJPY.
GBP/JPY Has been great to trade the past few months sticking with Our MAJORS CURRENCY HEAT MAP which we update daily & share for FREE.
We have been able to focus on one side of the MARKET at just being a BUYER of this PAIR.
There has been no reason to look for SELLING this pair as JPY has remained at the bottom of the MAJORS along with CHF, for a good while...
GBPJPY is in a strong uptrend so in my point of view we need to see a pullback to this area of value and to see some sort of rejection hope you like il be glad to see your opinion about it
I'm still a beginner though if you want to give some advice il be happy.
The previous trade I posted on this pair went very well and hit TP. This is now at a large resistance level and has been overbought so I want to see a retrace before taking another position. RSI is showing overbought on daily and weekly timeframes. There is a chance to open a short trade but I will not be taking that trade personally as I do not like trading...
GBPJPY has been great to us of the past few weeks.
Staying on one side of the market buy calculating Daily the strongest and weakest of the Major Currencies has helped us maintain our edge using proven Statistics.
GBP has been ahead of the pack for several weeks and has been increasing its strength daily over the other Majors.
146.560 has proved a great target...
Our Currency Heat Map tells us to stay Long GBP.
Still being the strongest Major currency we see no reason to be short the British pound, we are therefore pairing it with JPY which remains the weakest of the Major currency pairs for today's trading in the Forex Market.
Buy using our propriety currency Heat Map filter it allows us to easily pair the stongest vs...
Looking like weakness in JPY and strength in GBP at the moment which combined should push this higher. We are currently at resistance and price is looking bullish so i expect this to push on. MACD and EMA's suggest this is only going up. Targeting the previous high of 147.961. SL just below support.
This is currently making the expected retrace after breaking out. You can see my previous 2 ideas on this pair to see that this was predicted. If you are not yet long on this then there is another chance now. This should retrace further back to the previous resistance level and find support here before rising again to the target of the next high at 144.794. SL...
As previously reported this is very close to a breakout. Also MACD and EMA's point to this rising above the resistance. Look to enter a trade once this breaks and then retests this level as a support. TP is currently set at the next resistance.