Hello traders, let us take a look at the 4H chart of GBP/JPY.
As you can see, price has respected the dynamic support level( 100 period Moving Average). In addition, the support zone indicated in the chart is also unbroken.
I feel there is enough bullish momentum for price to reach 193 and beyond. The first minor resistance would be at 192.25 which if broken will take the price towards 193.50
We are already holding buys from 190.90 level. Recommend traders to load buys if price dips to the 191 level again
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GJ continues to rise
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192.20 set to be tested today
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And we breach 192 :) as I had predicted
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Buys from 190.90 currently in 140 Pips profit
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UPDATE : I have closed all buys , currently looking for a sell set up, will consider selling if price reaches 193.54 and shows bearish price action
The support zone looks solid, as the price has been bouncing off it multiple times. The price trading above the long-term moving average is a good sign of bullish momentum coming into the market. Let's see how this plays out.
KaltoireCapital
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@FXCM, Thank you so much for the valuable insights you bring here
amgadsalama
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Buy at current market price when it opens tomorrow?