GBPJPY New strategy PT.1

17. Aug. 2023

In GBPJPY, we have a bullish setup, but the price has shown signs of weakness and seems to have given hints of a reversal. Currently, we have a price that has broken the swing low at the 185.78 level on both the 15-minute and 1-hour charts. However, to confirm this, we would need a swing break with a 4-hour candle.

If the market manages to create this setup, we could consider looking for a short entry within the box above, between the 186.20 and 186.40 price levels. At that point, a market entry could be considered after initial confirmation on the 15-minute and 1-hour charts, with a possible stop placed 10 pips away from the swing high, and targeting levels 1, 2, and 3 from the 185.60 level down to the 183.70 level.

Please let me know your thoughts. Best of trading to everyone from Nicola, CEO of Forex48 Trading Academy.