GBPJPY POTENTIAL REVERSAL OPPORTUNITY
Hey everyone! Happy Sunday! Hope you've all been having a blessed and joyful weekend! I just wanted to get on here and make a post for this upcoming week for you guys. There is nothing at the moment for me that is fully ready to go but I wanted to still provide some value and give an outlook I have on GJ and really a lot of the Yen pairs in general.
OK so I'm going to keep it short and simple since this hasn't technically set up yet for any short swing reversal opportunities. I am personally a swing trader and so my setups take time to develop but here is my outlook for GJ and other Yen pairs.
GBPJPY has been rising for majority of this 2023 calendar year. Price last week made a strong seller pop to the downside, but immediately followed by buyer (I think this was a teaser to what will happen ahead). So looking at that it displayed to me the seller is interested in selling this pair but just wasn't the right timing yet. As you can see price is coming into a significant level of supply and forming very extreme divergence in price. This displays to us there is a discrepancy with what price is showing us and actual order flow behind the scenes. Also you can see on the 1D chart (daily) that the buyers are weakening in strength.
OK so watch this pair around this supply I'm expecting a nice potential swing short opportunity on this pair. Even if you are a lower timeframe trader this is good information to know to help you form your bias for what price is showing you.
Cheers!
OK so I'm going to keep it short and simple since this hasn't technically set up yet for any short swing reversal opportunities. I am personally a swing trader and so my setups take time to develop but here is my outlook for GJ and other Yen pairs.
GBPJPY has been rising for majority of this 2023 calendar year. Price last week made a strong seller pop to the downside, but immediately followed by buyer (I think this was a teaser to what will happen ahead). So looking at that it displayed to me the seller is interested in selling this pair but just wasn't the right timing yet. As you can see price is coming into a significant level of supply and forming very extreme divergence in price. This displays to us there is a discrepancy with what price is showing us and actual order flow behind the scenes. Also you can see on the 1D chart (daily) that the buyers are weakening in strength.
OK so watch this pair around this supply I'm expecting a nice potential swing short opportunity on this pair. Even if you are a lower timeframe trader this is good information to know to help you form your bias for what price is showing you.
Cheers!
Comment:
No selling pressure has come in yet. Watching the YEN crosses closely
Comment:
Starting to see that bearish strength. keep an eye out!
Comment:
GJ is at a decision point! Sitting at a key level. Saw a small reaction from the sellers want to see a little more follow through before being short! Cheers!
Comment:
GJ still sitting at resistance. Wanting to see it pop beneath that level for shorts. If it uses it as support then this trade is invalid for short reversals!
Order cancelled:
Not liking how price action is moving. Not personally shorting.
ALSO the JPY pairs tend to be the least successful with my specific approach in the markets. The YEN market is a different mechanism that doesn't fit with my strategy criteria so will be staying out at this time!
Cheers!
ALSO the JPY pairs tend to be the least successful with my specific approach in the markets. The YEN market is a different mechanism that doesn't fit with my strategy criteria so will be staying out at this time!
Cheers!