This is a technical analysis, I recommend you apply any fundamental analysis to your trade to make the most of it.
For this pair I use the DXY and CXY to make my fundamental analysis work. These indexes help you understand a pair's strength Since USD is the base and if DXY is in a negative week, USDCAD is most likely going down.
You should apply CXY to make...
GBPJPY is currently sitting at a downtrend which is at an exhausting point, this could open a direction for buyers to move.
Sellers usually are trying to break the structure but failed each time if you look back and use the same support line.
The entry point you should look for should hover above the support line giving you a clear indication of a buy.
Tried breaking the resistance area, sellers find an entry point to sell and it hits the supporting area which gave buyers the drop to buy.
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This trade is 1;2 chance of hitting TP. whilst this could be a opening for buyers to continue the bullish movement. the indications of the chart suggest it'll be a bearish movement.
