GBPJPY - MAKE OR BREAK LEVEL?
Updated
Hi fellow traders,
Taking a look at GBPJPY, we are currently in a scenario where we could look to ideally target LONG trades. Though this may be on a monthly time frame, we can see we are approaching and now touching a critical support trend line. It appears that we are in a make or break scenario now, with the high likelihood of a fake out occurring.
I would think that this pair should bounce from around 129.000, looking to accelerate as we have been in a solid bearish monthly phase for nearly half a year, now touching PA from around 2016-2017. There is no real significant fundamental news coming out, so this trade is mainly PA & TA.
If we do not hold this support level, we have room to swing back lower towards 127.100, a level found from the weekly time frame but I do not consider much of a possibility.
Personally, I would consider longs from around 128.000 - 129.000 (enter around 128.500 if price reaches this level) towards the 130.000 as a take profit level as a short term swing trade. There is lot of room for manipulation with this pair.
The monthly level is key and I would be cautious with this trade, entering with extremely tight stop losses.
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Taking a look at GBPJPY, we are currently in a scenario where we could look to ideally target LONG trades. Though this may be on a monthly time frame, we can see we are approaching and now touching a critical support trend line. It appears that we are in a make or break scenario now, with the high likelihood of a fake out occurring.
I would think that this pair should bounce from around 129.000, looking to accelerate as we have been in a solid bearish monthly phase for nearly half a year, now touching PA from around 2016-2017. There is no real significant fundamental news coming out, so this trade is mainly PA & TA.
If we do not hold this support level, we have room to swing back lower towards 127.100, a level found from the weekly time frame but I do not consider much of a possibility.
Personally, I would consider longs from around 128.000 - 129.000 (enter around 128.500 if price reaches this level) towards the 130.000 as a take profit level as a short term swing trade. There is lot of room for manipulation with this pair.
The monthly level is key and I would be cautious with this trade, entering with extremely tight stop losses.
If you managed to read it this far down, thanks for reading this! If you could, please do offer your ideas & perspectives on this pair. Buy or Sell and why? Additionally, drop me your charts for it, that'd be great so I can see where you are coming from. I'm a new guy to the FX & Crypto market, trying to learn FX & Crypto, and I'd appreciate any help people may offer!
Please drop a follow! I need reputation points!!
Trade closed: target reached
Excellent trade with all profits taken! Nice 150 pips for those who took a long since 128.500
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