#GBPJPY buying opportunity
Updated
Hello, traders and friends. Let's analyze the GBPJPY 1-hour timeframe chart and explore a potential buying opportunity in this pair.
Yesterday, the price successfully broke above a Daily bearish channel that had been pushing the price lower since August 21st. This impulsive breakout to the upside suggests the potential for the price to move higher, possibly reaching at least the high established yesterday.
Another factor supporting our belief in a potential buying opportunity is the bearish corrective move that followed the breakout, indicating no strong overall bearish bias in the price for now.
There are several bullish confluences that reinforce our bias, including:
To consider a long position, we recommend waiting for the price to break the short-term bearish trendline to the upside or looking for candlestick confirmation around the supporting area.
by the way If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Yesterday, the price successfully broke above a Daily bearish channel that had been pushing the price lower since August 21st. This impulsive breakout to the upside suggests the potential for the price to move higher, possibly reaching at least the high established yesterday.
Another factor supporting our belief in a potential buying opportunity is the bearish corrective move that followed the breakout, indicating no strong overall bearish bias in the price for now.
There are several bullish confluences that reinforce our bias, including:
- The bearish channel's upper line, now acting as support.
- A demand area on the 1-hour timeframe, coinciding with a static support zone.
- The price is currently above the 4-hour, 1-hour, and 30-minute 200EMA, all of which serve as critical support levels.
- The price is currently at the 38% Fibonacci level, and if it reaches the support line, the 50% Fibonacci level will also provide significant support.
To consider a long position, we recommend waiting for the price to break the short-term bearish trendline to the upside or looking for candlestick confirmation around the supporting area.
by the way If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
Note
As it appears price wont reach out our trading zone. However, there is a possibility of price going higher from current area but we will wait to see what's going to happen.Trade closed: target reached
price reach out the top we were looking for price to get.Note
Price bearish move for testing previous top which now will be acting as a support will probably provide us with another buying opportunity. stay tuned ...
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