GBP/JPY 2 scenarios
Updated
Morning Traders!
Yesterday the price reached the next support level arround 147,800, bouncing from there to meet the small bearish trend line doing a big doji on H1 TF.
As the price has been rejected from the bearish trend line, i expect it to retest the support level (147,800). Once there, we will wait to see if the price breaks the suopport level or bounces from there.
If the price breaks the support level, i will wait for a small retracement to retest the support level as a resistance and look for sells there, targeting the lower channel line.
If the price bounces from the support level, i will look for buys targeting the upper channel line.
Good Trading Traders!
Yesterday the price reached the next support level arround 147,800, bouncing from there to meet the small bearish trend line doing a big doji on H1 TF.
As the price has been rejected from the bearish trend line, i expect it to retest the support level (147,800). Once there, we will wait to see if the price breaks the suopport level or bounces from there.
If the price breaks the support level, i will wait for a small retracement to retest the support level as a resistance and look for sells there, targeting the lower channel line.
If the price bounces from the support level, i will look for buys targeting the upper channel line.
Good Trading Traders!
Note
If a buy occurs the target wouldn't be the upper channel line but the next resistance level (148,450).Note
First step reached. Lets see if it breaks out the support, or bounces from there.Trade closed: target reached
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