GJ Analysis 27/09/2020 - UpdateOn the first break of resistance, support wasn't formed and price moved back into the range, as bullish momentum started to appear, we took a buy when the 1h candle broke the high of the previous resistance, to continue bullish, this was an impulse entry as there was very strong momentum bullish. The SL was below the current 1h candle and the Target was the resistance level at 135.2. I secured 15 pips and left a runner to fill the range and hit the 40 pip target. The runner is still running,
Gbpjpybuy
GBPJPY Long Trend is your Friend!
1. One Touch, Two Touch and Third Touch usually
completes a Trend.
2. EMA acting as Dynamic Resistance, Buys will
have high validity once markets cross over EMA
and we have it acting as Dynamic Support.
3. Markets have Bounce off our Golden Fib Zone
an Psychological level @ 133.000 where big
institutions place orders and take profit.
4. Waiting for 3 Eight hour candles to show signs
of rejection to place Buy order
5. I will be buying at current Price Level
@134.500
Safe SL @ 133.000
80% Partial TP @ 137.00
10% Partial TP @ 138.000
Remaining Trade TP @ 140.000
Only 5% risk will be taken for this trade
GbpJpy- new leg up on short term?The medium-term trend for GbpJpy is clearly down with the pair dropping almost 1000 pips from the beginning of the month...
However, it seems that this fall has stopped for the moment and the pair has found support just above 133 zone.
A short term buy with a target of 135.50 could be a good choice for scalpers