GBPJPY: When is the right time to LONG?
Updated
Many accounts were definitely blown trying to go Long along the way. As usual, one best advice to always keep by you is "To never catch a falling knife". Is it time to go LONG? Not yet. Tuesday's candle did indeed close as a bullish candle but no follow up was made. Two consecutive day of losses followed and maybe even a third. Sitting on weekly trendline, this is a strong support area where many people are getting in on a BUY. For myself, I'd look to go in if only Daily chart provides a Bullish engulfing candle. Overall it's in a downtrend so this is a counter trend trade so do be very careful with the size of your trade. Don't be afraid of missing out, if it reverses, first target of 132 should be easily achievable. Then 135.50 comes into play and we'll have to see the price action from there.
Note
Weekly view: RSI in oversold regionNote
Bullish reversal pattern coming up. Take note of how this pair closes and we'll be going up higher. Time for Gold to sit back for now...
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