We are seeing a consolidating price action on GBPJPY during the last 4-5 weeks. And, this is quite expected.
GBPJPY has rallied close to 1700 pips from the lows this year and in my opinion, the recent consolidation will soon lead to another rally.
From the chart, I would like to point out 3 things:
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1) Price is above the 100D EMA, which clearly indicates that the BIGGER TREND is BULLISH.
2) We have a very strong support zone at 143.80-144.20.
3) Price recently broke out of the TRIANGULAR FORMATION. Now, it's retesting the triangle. Even if GJ goes back into the triangle there's plenty of support.
So, in view of the above, I believe "BUY ON DIPS" is the right strategy.
Scenario 1: Traders can go long when price touches the 100D EMA at 144.80. TPs can be set at 145.70 and 146.50 respectively. To keep risk low, use small SL at 144.45
Scenario 2: If 144.80 doesn't hold, traders can go long at the support zone at 143.80-144.20. TPs can be set at 144.20, 145.50 and 147 respectively. SL should be placed below 143.50
If you like this idea, please encourage me with your thumbs up. I appreciate your valuable comments and feedback as well.
GBPJPY has rallied close to 1700 pips from the lows this year and in my opinion, the recent consolidation will soon lead to another rally.
From the chart, I would like to point out 3 things:
(To receive signals, ideas and updates, don't forget to check my signature at the bottom of this idea)
1) Price is above the 100D EMA, which clearly indicates that the BIGGER TREND is BULLISH.
2) We have a very strong support zone at 143.80-144.20.
3) Price recently broke out of the TRIANGULAR FORMATION. Now, it's retesting the triangle. Even if GJ goes back into the triangle there's plenty of support.
So, in view of the above, I believe "BUY ON DIPS" is the right strategy.
Scenario 1: Traders can go long when price touches the 100D EMA at 144.80. TPs can be set at 145.70 and 146.50 respectively. To keep risk low, use small SL at 144.45
Scenario 2: If 144.80 doesn't hold, traders can go long at the support zone at 143.80-144.20. TPs can be set at 144.20, 145.50 and 147 respectively. SL should be placed below 143.50
If you like this idea, please encourage me with your thumbs up. I appreciate your valuable comments and feedback as well.
Transaction en cours
Bought at 144.80Trade fermée: ordre d’arrêt atteint
Stop reached at 144.45. -35 pips
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Clause de non-responsabilité
Les informations et publications ne sont pas destinées à être, et ne constituent pas, des conseils ou recommandations financiers, d'investissement, de trading ou autres fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.