GBPJPY Neutral
Updated
After reaching the 139.7-mark, price got rejected by the correction line and went all the way down 131.7. We’ve talked before about the correction I mentioned above. It is active since the beginning of march and the price respected it already a few times. According to the data from the COT contracts (23.06.2020) a bearish trend is noticeable for the GBP and a bullish for the JPY.
Still we don’t have any new data to determine the direction most likely to happen. Therefore, we will have 2 scenarios.
1. The price respects the correction we mentioned above and goes for the 137.4 area. The possible entry is from correction of the 134.5 mark.
2. The price breaks the previous lows and goes for the 131 area. Now it will be a good time to enter with a tight SL above the current highs.
Still we don’t have any new data to determine the direction most likely to happen. Therefore, we will have 2 scenarios.
1. The price respects the correction we mentioned above and goes for the 137.4 area. The possible entry is from correction of the 134.5 mark.
2. The price breaks the previous lows and goes for the 131 area. Now it will be a good time to enter with a tight SL above the current highs.
Trade active
As shown- strong support came from the 134.000 area. 136.000 will be our next target.
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