GBPJPY after making a double top in daily cycle, has come down massive (350 + pips). It looks like it will pause here a bit before making next move. Two possible senarios will likely to play;
a) Bullish
The pair is reaching at important support zone and indicator is also approaching the neutral zone. It will take a bounce from here and retest the recent high. One can take long position from here with stoploss below support and have a good ride of 100 pips.
b) Bearish
The pair will continue it downward journey if it breaks the support zone. One can adopt sell on strength strategy and play till all the way to bottom.
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a) Bullish
The pair is reaching at important support zone and indicator is also approaching the neutral zone. It will take a bounce from here and retest the recent high. One can take long position from here with stoploss below support and have a good ride of 100 pips.
b) Bearish
The pair will continue it downward journey if it breaks the support zone. One can adopt sell on strength strategy and play till all the way to bottom.
Don't forget to share your valuable feedback in comment section.
Check our other Forex and Crypto Setup on Profile.
