Here are my thoughts on GBPJPY.
We have been trending upwards nicely since the 18th of March, so I would expect this to continue. You can see on the chart that we have broken a zone of consolidation that lasted for 12 trading days.
My confluences for the buy at 134.70:
200 4H EMA, 4H TL (third touch), strong resistance broken (turned to support)
My first target will be the purple box at 136.00. I will aim to take some profit here. Should we see a clean break at this level, I may look to buy again, targeting 137.00. This is where I will look to take full profit, and will aim to take sells as this is a strong key level of resistance and a psychological number of 137.00.
Let me know what you think below. Cheers.
We have been trending upwards nicely since the 18th of March, so I would expect this to continue. You can see on the chart that we have broken a zone of consolidation that lasted for 12 trading days.
My confluences for the buy at 134.70:
200 4H EMA, 4H TL (third touch), strong resistance broken (turned to support)
My first target will be the purple box at 136.00. I will aim to take some profit here. Should we see a clean break at this level, I may look to buy again, targeting 137.00. This is where I will look to take full profit, and will aim to take sells as this is a strong key level of resistance and a psychological number of 137.00.
Let me know what you think below. Cheers.