Hello traders.
My short on GBPJPY is the above. I beleieve they push the price higher towards 173 + area and finally they will close their huge orders allowing the price to breath and create
a big sell, heading at least at the drawn support area.
So, sell limits inside the grey area. Weak bullish price action can give us cheaper prices to sell.
Instead, if the price approaches vigorously the other yellow lines, I see better entries.
However, if the important weekly level of 175.9 breaks upwards we may see further upside move to 179 or even to weekly supply zone of 183 which is a multiyear important supply zone - long time not tested.
My short on GBPJPY is the above. I beleieve they push the price higher towards 173 + area and finally they will close their huge orders allowing the price to breath and create
a big sell, heading at least at the drawn support area.
So, sell limits inside the grey area. Weak bullish price action can give us cheaper prices to sell.
Instead, if the price approaches vigorously the other yellow lines, I see better entries.
However, if the important weekly level of 175.9 breaks upwards we may see further upside move to 179 or even to weekly supply zone of 183 which is a multiyear important supply zone - long time not tested.
Trade closed: target reached:
+490 pips