Shoo Shoo sellers, its buyers time #lambos
GBPJPY offers a great entry for longs at this level. It approached a support line from which it bounced three times before and I'm betting it will bounce again. We are still in a range and, looking historically, we are more likely to change directions at support than to break it. That's also the complete thought process of me on why opening this trade. M15 chart provides us with accumulation that usually occurs before the start of an uptrend. There are also some GBP news coming in today that might attract more traders and with that more volatility to the pair.
Trade closed manually
News were in our favor as well as todays morning analysis and I closed the trade for a 2.55R of profit!
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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.