GBP/JPY BUY
GJ had been consolidating in a Range the last couple days and has now looked like has broken and closed above Buy zone (172.700) on the 1H indicating Buyers our in control.
1H close is significant and strong confirmation however a stronger added confirmation is if the bullish candle could hold above 172.700 for 14:00 NY session. This will further give me confidence this is likely to push up to 174.00/ 175.00. Price has not pushed to these highs in 7years.
I have set a Buy limit of entry @ 172.75 waiting for price to retrace back down around that zone for entry to trigger.
Sl@ 172.45 risking 30pips. I would be looking for atleast a 1:3, R:R as when there is a consolidation prior to a break out normally a big massive move follows.
1H close is significant and strong confirmation however a stronger added confirmation is if the bullish candle could hold above 172.700 for 14:00 NY session. This will further give me confidence this is likely to push up to 174.00/ 175.00. Price has not pushed to these highs in 7years.
I have set a Buy limit of entry @ 172.75 waiting for price to retrace back down around that zone for entry to trigger.
Sl@ 172.45 risking 30pips. I would be looking for atleast a 1:3, R:R as when there is a consolidation prior to a break out normally a big massive move follows.
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