sufiansaid

Navigating the BEAST (GBPJPY) - 23 Sep 2019

Long
OANDA:GBPJPY   British Pound / Japanese Yen
Last week's range was approx 190 pips whilst the 20-week AWR was 275 pips. It was a "miss" hence I am anticipating a price expansion (weekly) probably hitting several pips more than next week's 20-week AWR , which probably be around 300-320 pips give or take.

My bias for GBPJPY is bullish hence I am looking at "support" levels to go Long. If price enters in the liquidity pool at 1.3300-1.3900, that will activate my bullish mode and will LONG if there is a trigger for me to do so. My potential target is illustrated in the chart: the liquidity pool on the upside at 1.35650 - 1.35950

Side note, if you are a scalper, you probably have a chance to short GBPJPY when the price reaches between 1.34650-1.34900 and target at the liquidity pool below.

There is no risk event for the U.K and Japan have a bank holiday on Monday