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.
This is a long-term trad obviously but it is a trade that i am almost 99% certain is going to play out the way i think it will!
I can see the UK going back into lockdowns again this winter which will shut businesses again hurting the economy and the value of GBP helping the bears keep the bulls at bay and pushing price down to my target.
If you think everything...
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 has rallied a long way since the recent lows at 151.40 area... I expect the GBP rally to start slowing and therefore have started to fade this pair at the 155 level. My stops will be implemented if we break the old upper limit of the downward trend line around 154.30 level. JPY has been fairly muted as of late, so this is effectively a cable trade...
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.
When price hits 155 things are going to get dangerous and a massive explosion is going to happen! Bulls are going top push price into this 155 level then from there bears will take over and massively push price down.
The reason 155 is such a key level is self explanatory from looking at my chart, but you can see the 155 level has been used a number of times...
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...