GBP/JPY
Updated
Price has tapped into a 2H area of supply and shown some sort of reaction . we could see that price gradually approached the area and manipulated highs on smaller timeframes before we got the reaction coming down to create equal lows. Now im currently waiting for price to either continue to make a new low in turn breaking structure to the downside, or generate more liquidity and retrace back to my area of supply shown by my yellow box to take a short. Targets will be to fill majority of the imbalance left below and see how price reacts when approaching my session candle highlighted by a purple box.
Note
Having a second look. Price has not sufficiently broken structure to the downside so taking the short would be risky despite my other confluences. For this reason I will stay out of the trade and just monitor the results.
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.