Okay so, gbpjpy formed a W pattern on the daily chart and whenever such formation happens we want to see the prices to test the neckline of the W.
So, we will be looking for a short position if the rules of our strategies satisfied. I also suggest you to keep this pair on your watchlist and see if your rules satisfies...
Plus from COT data we want to see a...
GBPJPY is currently sitting at 140.000 , a significant key area in the market and on the 1HR time frame we can see market forming a triangle pattern. Market now is squeezing more tighter and we can see a possible break to the up or downside.
For entries we have two different levels marked in pink area . We can get a possible entry on these levels with...
The 4 hour right is down against 12/13/2019 peak (147.93) & shows a bearish sequence. 1 hour is turning down against 135.46 high. Near-term, while bounces fail below 135.46 high and more importantly below 147.93 high expect pair to extend lower.
Target 1- 130.50
Good luck !