Good morning everyone, we are looking at the current price of the GBPJPY pair. As you see price is on a major 4h trend line right in a consolidation zone there (marked as always in yellow boxes). Also on lower frames like the 1h it formed a nice reversal candlestick wick down and this is were we entered. It was like 30 minutes ago. Please be aware that this is a swing trade and another fake out below the trend line could easily happen. See you in profit guys!
Trade active
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Price moved into major zone down and retraced back up.
Comment
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Price sitting on the 0.61 fib level. Still in the trade
I am bullish on this currency pair as well and identified a support level that is slightly lower, in line with the 38.2% fibonacci retracement and 100% fibonacci extension. There is also a nice graphical pullback support at that level, do let me what do you think of this idea!