GBPJPY is in deep bearish trend.
The formation of descending trendline is clear.
It is a pair of big retracements though. That means it would be better reduced position size and aim of more pips while at the same time SL should not be closed.
Otherwise it's pretty predictable and it 'll be hit.
There is a huge bottom wick which was used as rejection with respect to daily-weekly demand zone. There are orders at that area and a huge liquidity left behind to
which they are aiming in order to cover.
Short entries can be triggered after the break-retest of major supprot areas.
On the contrary, based on the pair big retracement's, I believe it will be profitable to trade the bounce from support levels at least for 50 pips each time but keep in mind that a big buy order 'd be better to be placed close to the demand zone.
There are two major bullish trendline considering daily higher lows. These are levels of importance.
I will post again with input of fresh price action data and some fibo levels.
Good luck!
The formation of descending trendline is clear.
It is a pair of big retracements though. That means it would be better reduced position size and aim of more pips while at the same time SL should not be closed.
Otherwise it's pretty predictable and it 'll be hit.
There is a huge bottom wick which was used as rejection with respect to daily-weekly demand zone. There are orders at that area and a huge liquidity left behind to
which they are aiming in order to cover.
Short entries can be triggered after the break-retest of major supprot areas.
On the contrary, based on the pair big retracement's, I believe it will be profitable to trade the bounce from support levels at least for 50 pips each time but keep in mind that a big buy order 'd be better to be placed close to the demand zone.
There are two major bullish trendline considering daily higher lows. These are levels of importance.
I will post again with input of fresh price action data and some fibo levels.
Good luck!