Buying GBPJPY after the huge dip!

Long

British Pound / Japanese Yen (FX:GBPJPY)

Updated

FX:GBPJPY British Pound / Japanese Yen

After completing a bullish W pattern GBPJPY dropped off the top level into what I think is a bay of support. You have the 38-61 Fibonacci Confluence here that I think will hold the pair up.

This is the first time I'm uploading a chart on Trading View hope it's worth it!

Comment:

I was definitely a bit early on this one. Need to start waiting for the actual turn in my desired direction or just scale into the position.
Nevertheless, it's off the lower and now the uptrend can continue.

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