TraderMozo

GBPJPY - Retest of structure before next move up?

Long
FX:GBPJPY   British Pound / Japanese Yen
PAIR IN FOCUS: GBPJPY
ACTION: LONG
HORIZON: SHORT TO MEDIUM-TERM


Price has broken above the 134.700 structure level after consolidation. We could possibly see price retrace back to that price range to retest the structure before continuing the next move higher. Area of entry would be 134.600 to 134.750, and TP would be 135.900 to 136.000 range.

Important to look for reversal/ bullish price action during the retest to determine if the structure holds or fails.

Let's see how this works out!
Comment: Price moving nicely after retesting the structure, cheers!
Trade closed: target reached: Price got into take profit range! A good 100 pips in 2 days, cheers!

Comments