This is only a technical analysis so make sure to check the news and any other indicators on your chart for additional confirmation.
I think GBPJPY will continue to buy this week and this is what I am looking at. - The candles have already tested and rejected a previous demand zone. - The Momentum indicator is currently facing up and positive - The STOCH is facing up, the fast line (blue) is above the orange line (slow) and has crossed above 50.
You can wait for these additional confirmations before entering at Market Execution: - Wait for the current or next candle to cross and close above the 50 EMA. - Wait for the slow line (orange) to cross above 50.
I will entering at Market execution and also setting a buy limit in the demand zone. My SL will be a previous low and my TPs will be previous highs.
I hope this makes sense but we will see what happens this week.
Peace and Profits, Cha
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The 10 PM candle has crossed and closed above the 50 EMA. This confirms the buying trend for me.