So this is my 4 hour chart. the market created a higher high near the resistance zone and i think its going to retrace and then continue to the upside. I may enter if it respects my fib golden zones and target the higher high. then i wait for confirmation that the resistance is holding and i will enter a short position and target the previous support zone. Use the smaller timeframes before you enter the market. i'm mainly looking for longs because it looks like it's heading to the trendline and hopefully it will break (like GBPUSD did ;)). On the short term i will use a tight stoploss and minimum risk. PLEASE LIKE IF YOU AGREE WITH THIS IDEA AND IF NOT COMMENT WHAT YOU THINK ABOUT THIS PAIR. FX:GBPJPY
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Entered long @148.730 after the engulfing candle was confirmed. Sl just under my support zone and let's see if it makes a new higher high :)