GBPJPY - Purple War Zones!

Mar 23, 2022

Hello everyone, if you like the idea, do not forget to support with a like and follow.

GBPJPY is overall bullish trading inside the rising broadening wedge pattern. And now it is approaching the upper brown trendline and green supply zone so we will be looking for sell setups.

As per my trading style/plan;
Here are the two strong zones where I will be looking for high probability setups:
I call them War Zones, (highlighted in Purple circles)

Zone 1: (around 162 - 164)

This highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green supply zone and upper brown trendline. (acting as non-horizontal resistance)

Zone 2: (around 148 - 150)

This highlighted purple circle is a strong area to look for buy setups as it is the intersection of the blue support and lower brown trendline. (acting as non-horizontal support)

As per my trading style:
As GBPJPY approaches one of the purple circles, I will be looking for reversal setups (like a double bottom /top pattern, trendline break , and so on...)

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich