A few days ago, I mentioned that GBPJPY could rise and test the 195.00 handle – and that idea still stands.
After pushing up to 191.75, the pair began to correct, which might be just what we needed: a chance to enter a long trade at better levels.
Is this correction a healthy pullback before resumption of the up move?
For now, it looks like a typical retracement within an uptrend (bullish flag).
The 190.00 zone, highlighted on the chart, is the ideal spot for long setups.
Why 190.00 is key:
- Strong horizontal support.
- Great risk-reward potential, with over 1:2 R:R possible.
- Price remains in bullish structure above 188.00.
Trading Plan:
Look for bullish confirmation around 190.00 – this zone could provide an excellent buying opportunity.
However, a break below 188.00 would invalidate the setup and call for caution.
Until then, buying the dip remains the plan.
Let the correction finish, and be ready to ride the next wave higher.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
After pushing up to 191.75, the pair began to correct, which might be just what we needed: a chance to enter a long trade at better levels.
Is this correction a healthy pullback before resumption of the up move?
For now, it looks like a typical retracement within an uptrend (bullish flag).
The 190.00 zone, highlighted on the chart, is the ideal spot for long setups.
Why 190.00 is key:
- Strong horizontal support.
- Great risk-reward potential, with over 1:2 R:R possible.
- Price remains in bullish structure above 188.00.
Trading Plan:
Look for bullish confirmation around 190.00 – this zone could provide an excellent buying opportunity.
However, a break below 188.00 would invalidate the setup and call for caution.
Until then, buying the dip remains the plan.
Let the correction finish, and be ready to ride the next wave higher.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analyses and educational articles.
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👉 t.me/FanCryptocurrency
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💎 Join the FREE Crypto Channel
👉 t.me/FanCryptocurrency
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Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.