Clean Buy Setup Coming Up On The Pound Against The Yen (GBP/JPY)
The Yen has been getting weaker recently and I think Buying the pound against the yen could be a good move.
I am currently on the 4-hour Time Frame and a buy setup has not yet presented itself, However, there is a clear range of around 200 pips should the bullish move continue. My Bias is based off the higher timeframe which I know has a very strong probability of playing out, the only job we have is to wait for price to do what we want it to do.
I need to see a break and close above 164.000 for this setup to catch my interest, a simple break and retest strategy will apply for this setup, my target is set at around 166.000, I do believe that price could break the highs to create a new higher high on this instrument. On the flip, Price could reject the current barrier and give one last pullback before pushing. I will remain patient no matter how many rejections we may get because my overall bias stays with the bulls.
Let us wait for this opportunity to present itself before taking any trades.
Renaldo Philander.
I am currently on the 4-hour Time Frame and a buy setup has not yet presented itself, However, there is a clear range of around 200 pips should the bullish move continue. My Bias is based off the higher timeframe which I know has a very strong probability of playing out, the only job we have is to wait for price to do what we want it to do.
I need to see a break and close above 164.000 for this setup to catch my interest, a simple break and retest strategy will apply for this setup, my target is set at around 166.000, I do believe that price could break the highs to create a new higher high on this instrument. On the flip, Price could reject the current barrier and give one last pullback before pushing. I will remain patient no matter how many rejections we may get because my overall bias stays with the bulls.
Let us wait for this opportunity to present itself before taking any trades.
Renaldo Philander.