GBPJPY LONG
The GBP/JPY has rebounded strongly from the daily order block and respected daily market structure. However, we must wait for a clear shift in market structure on the 2-hour or 1-hour timeframe to confirm a transition out of the current bearish structure.
On the 4-hour timeframe, the trend remains bearish, with lower lows (LL) still present. The development of a higher low (HL) after a lower high (LH), combined with rejections at liquidity zones, will indicate that the pair is preparing for a significant upward move. Additionally, the breakout from the falling wedge pattern that formed during the downtrend further reinforces that the 189 region marked the bottom.
With today’s inflation data, the market appears to be shifting back into a risk-on sentiment, which favors the GBP. To capitalize on this, we will closely monitor for the emergence of bullish momentum in the market. Once confirmed, we will look to enter long positions, targeting key levels.
Stay tuned for updates and follow us for precise entry points in this market.
On the 4-hour timeframe, the trend remains bearish, with lower lows (LL) still present. The development of a higher low (HL) after a lower high (LH), combined with rejections at liquidity zones, will indicate that the pair is preparing for a significant upward move. Additionally, the breakout from the falling wedge pattern that formed during the downtrend further reinforces that the 189 region marked the bottom.
With today’s inflation data, the market appears to be shifting back into a risk-on sentiment, which favors the GBP. To capitalize on this, we will closely monitor for the emergence of bullish momentum in the market. Once confirmed, we will look to enter long positions, targeting key levels.
Stay tuned for updates and follow us for precise entry points in this market.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.