GBPJPY - Daily - Bounce or Break?
First of all, apologies for the amount of lines on the graph, but it was hard to tell them "goodbye", because they all are playing their role... in a way...
Second, no position will be taken until we get a clear confirmation.
If we get a good close of today's candle below those two little trend lines, then we could potentially see some more selling tomorrow.
If that's not going to happen and the close will be above those trend lines, then stay sharp, because we could get a little rebound. Now the questions is will that rebound be enough to head for new highs? We don't know. You could try and go LONG, but only with a tight SL. With an SL maybe at around today's lowest point. But that's only for a little LONG.
As always, wait for it, and keep an eye on the price action!
Second, no position will be taken until we get a clear confirmation.
If we get a good close of today's candle below those two little trend lines, then we could potentially see some more selling tomorrow.
If that's not going to happen and the close will be above those trend lines, then stay sharp, because we could get a little rebound. Now the questions is will that rebound be enough to head for new highs? We don't know. You could try and go LONG, but only with a tight SL. With an SL maybe at around today's lowest point. But that's only for a little LONG.
As always, wait for it, and keep an eye on the price action!