GBPJPY retracement and continuation? . the week of 08 June, 2020
After a strong bullish move during the last week, this pair does need a breather and I am expecting a retracement soon.
The bulls however seem to be in control, so I don't think that they will yield much ground. Perhaps price may get to 137.150 region before resuming its upward journey.
I will be watching PA on H4 and H1 time frames to gauge what is going on.
I have marked the next 2 targets at 141.00 and 144.55 area. It would be wise to close half the position at 141.00 region and see how far you can ride this "dragon". We are talking about 900 pips here and that could mean 2 or more weeks of patience.
A daily close below 135.60 would however negate my analysis.
If you like my work please give it a "thumbs up" and follow me to get instant notifications.
As always, please use sound money and risk management in all your trades.
The bulls however seem to be in control, so I don't think that they will yield much ground. Perhaps price may get to 137.150 region before resuming its upward journey.
I will be watching PA on H4 and H1 time frames to gauge what is going on.
I have marked the next 2 targets at 141.00 and 144.55 area. It would be wise to close half the position at 141.00 region and see how far you can ride this "dragon". We are talking about 900 pips here and that could mean 2 or more weeks of patience.
A daily close below 135.60 would however negate my analysis.
If you like my work please give it a "thumbs up" and follow me to get instant notifications.
As always, please use sound money and risk management in all your trades.