GBP/JPY Buy idea, bullish candle at the support
Overview- GBP/JPY was in a correction and consolidation phase for the last
couple of weeks. However, on Friday, a big bullish candlestick was printed on the daily chart.
Can this be the start of a new uptrend? Let's analyze
Analysis - From the chart, you can see that price is still above the 100 day moving
average, which indicates the uptrend has not been broken. The recent down wave is merely a
correction. After many days of consolidation at the support, a big bullish candlestick has formed
on the daily chart. Thus, the likelihood of a new uptrend brewing is reasonably high now.
Probable trade set-up - Based on this, if the positive momentum is intact,
a buy @149.90-150.20 with SL below 149 and TP at 153 may be considered as a potential buy signal.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
couple of weeks. However, on Friday, a big bullish candlestick was printed on the daily chart.
Can this be the start of a new uptrend? Let's analyze
Analysis - From the chart, you can see that price is still above the 100 day moving
average, which indicates the uptrend has not been broken. The recent down wave is merely a
correction. After many days of consolidation at the support, a big bullish candlestick has formed
on the daily chart. Thus, the likelihood of a new uptrend brewing is reasonably high now.
Probable trade set-up - Based on this, if the positive momentum is intact,
a buy @149.90-150.20 with SL below 149 and TP at 153 may be considered as a potential buy signal.
Disclaimer - This is simply an analysis and not a trade recommendation. The trades will be
executed only if it meets the required criteria.
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.
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.