GBPJPY - Over-Bought Zone 📉Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.
📈 GBPJPY has been overall bullish, trading within the rising channel in blue.
At present, GBPJPY is approaching the upper bound of the channel acting as an over-bought zone.
Moreover, it is retesting a strong round number $200.
🏹 Thus, the highlighted red circle is a strong area to look for sell setups as it is the intersection of the green zone and upper blue trendline.
📚 As per my trading style:
As #GBPJPY approaches the circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)
📚 Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich