GBP JPY has followed the trendline rule so far and is expected to continue following this rule. Price has broken to the higher highs and has now travelled down to a higher low on H1 TF. According to price action rule, the price will move upwards to hit the higher highs. Take note that RSI has also hit below 25 oversold levels and divergence can be seen, sell volume has also decreased showing a lack interest of short positions. However becareful of long positions as at D1 chart we are on a downtrend. Hope this helps all retail traders out there. Take care and have a great week of trading ahead!
Order cancelled:
Looking at weekly chart, we are in a strong downtrend. It is recommended that we wait for the retracement to be over then short it. Trading against the trend is never a good idea. With this is will close this idea.
Trade active:
The market is now showing a strong buy pressure and i have opened a long position.
Comment:
Profit taken. This trade is a huge win.