The Pound-Yen is now in an overall uptrend after breaking daily structure. I am currently awaiting a pullback to form our first HL after which I will be looking for possible entry opportunities to flow along with the overall strong uptrend. It might be tempting to trade the retracement but flowing with the overall trend generally results in better quality high probability setups.
Comment:
GBPJPY has retraced 50% of the previous week's bullish push. Based on current price action we could see deeper retracements to 61.8% level (143.813). I have taken advantage of the past week's selling opportunities. This week is expected to be a volatile one, however, I am still favouring a move towards the upside. A proper H4 break of structure on the H4 and an EMA cross above the simple moving average would serve as confirmation of the lower timeframes change in direction. If these conditions are not met I will continue to flow along with the bearish movements. Another weekly breakdown will be posted this Sunday before market open.
Comment:
GBPJPY retraced 61.8% before making a break to the unpside continuing the overall uptrend. Upside target remains at 149.