Hello, traders and friends. I hope you are all doing well.
Let's delve into GBPJPY and explore why we believe there may be a potential selling opportunity.
As you can observe, the price has been in a bearish channel for the past few weeks, consistently reacting near the upper boundary.
This pattern suggests the possibility of a repetition, offering another favorable selling opportunity.
Apart from the bearish channel's upper boundary, we have additional factors supporting a bearish scenario. These include a supply area and a liquidity pool located just above the horizontal arrow line. Price could potentially move into this area, clear out liquidity, and then trend lower.
For us to consider taking this position, we would need to see a fake breakout above the arrow line, followed by a failure of the price to close above it.
If you have found this analysis helpful, please take a moment to leave a like and a comment.
Comment
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Still waiting for price to take out liquidity from above the Horizontal arrow line
Comment
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The price is approaching our target, but because it hasn't reached our trading zone, we haven't taken any trades on this pair yet.
Order cancelled
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As the price did not reach the zone we were monitoring for the sell order, we have decided to cancel this position for now. We will keep a close eye on this chart to see what unfolds in the near future, please consider taking a moment to leave a like, a comment, or share your own insights with me.