GBPJPY is currently in an importante zone where we can go for sales for a long term trade or can go continue it's uptrend movement.
If the price breaks the 158.219 level I'll be waiting for confirmation and will be analyzing for posible scenarios.
Right now the pair is forming a QUASIMODO pattern that can be appreciated in 4H TF. This pattern could be the confirmation we are looking for to go on sales.
Gathering all my previous analysis together, I'm having this following levels as Take Profit levels:
-156.399: Quasimodo pattern
-153.682: Divergence 4H
-152.588: Divergence 15m
-149.004: Current floor I expect to retest again
-147.166: Fibonacci's 1.618 extension
How am I operating this scenario:
I will keep my sales with my SL above 158.219 level.
If the price touches 158.218 (Quasimodo right shoulder) I'll be opening another SELL with a much more tigher SL (above 157.768, head of the Quasimodo's pattern)
If the price touches all my SL, I will start looking for take profit levels above 158.219
I will be take profit on my different marked levels depending on how the pair behaves
If the price breaks the 158.219 level I'll be waiting for confirmation and will be analyzing for posible scenarios.
Right now the pair is forming a QUASIMODO pattern that can be appreciated in 4H TF. This pattern could be the confirmation we are looking for to go on sales.
Gathering all my previous analysis together, I'm having this following levels as Take Profit levels:
-156.399: Quasimodo pattern
-153.682: Divergence 4H
-152.588: Divergence 15m
-149.004: Current floor I expect to retest again
-147.166: Fibonacci's 1.618 extension
How am I operating this scenario:
I will keep my sales with my SL above 158.219 level.
If the price touches 158.218 (Quasimodo right shoulder) I'll be opening another SELL with a much more tigher SL (above 157.768, head of the Quasimodo's pattern)
If the price touches all my SL, I will start looking for take profit levels above 158.219
I will be take profit on my different marked levels depending on how the pair behaves
I'm closing a small part of my lot, 80 pips going to my pocket.