ABCD move with CTL into heavy confluence

FX:GBPJPY   British Pound / Japanese Yen
I've moved my trade across from GBPUSD             to GBPJPY             with the looming FOMC etc later this afternoon.

ABCD with CTL breaks on the way up.

Bulls appear to be in control, collecting stops on the way up.

- D1 completion (127% Fib extension of AB)
- 161.8% Fib inversion of BC            
- 161.8% Fib extension of part CD move
- Previous Weekly high
- 127.00 round psychological round number
Comment: UPDATE:

Potential falling wedge on the H4.
i got this against the jpy
what do you think?
JakeSummers4x Tecnologia_Financiera
EUR/JPY isn't in my portfolio unfortunately my friend. We've got news out later tonight which might stall JPY, but i'm expecting a move higher eventually.
Nice level for a short opportunity
JakeSummers4x journeyofarookie2.0
Yeah i'll be looking at closing my position and entering in the opposite direction around that zone.
+1 Reply
journeyofarookie2.0 JakeSummers4x
What was your entry for a long ?
JakeSummers4x journeyofarookie2.0
169.40 on a 1hr engulfing candle (aggressive entry).

I closed my position on GBPUSD due to the news later today, and re-entered on this pair (as they're very positively correlated).

If you look on the 1hr TF you'll see the smart money is in control. First they'll let sellers build positions and then buy it back up at a cheaper price, collecting stops all the way up.

Also look at the false breakout on the 20th Jan at 7-8am. Smart money sold and reversed their positions and have been taking this higher and higher.
JakeSummers4x journeyofarookie2.0
Hey I might be wrong, but that's the risk we take haha.
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