GBP/JPY Bullish Price Action Projection
Looking at GBP/JPY I have made the following bullish price
action projection.
I believe price will first re-test the 154.12 level above,
especially as there are probably quite a few stop/loss
orders to be cashed in.
If price gets rejected there, I assume it will
then proceed and close the GAP from last Septembre, which
is sitting just above the 1.272 Fibo extension drawn from
156.608 to 144.986.
If price finds enough support to resume a bullish trend
from the 141.800 levels, then I would target the 164.300
levels which is the 61.8% Fibo retracement level drawn
from 188.807 to 124.786 and this target is measured by using the
extension of the initial anchor leg, hence, should price reverse
at the 141.800 levels.
I have added three trade ideas, two bullish and one
bearish.
All trades have a 2:1 RvR ratio.
Trade 1 Long
Entry: Close above 150.710
S/L: 149.005
T/P: 154.121
Trade 2 Short
Entry: Close below 154.120
S/L: 160.267
T/P: 141.825
Trade 3 Long
Entry: Close above 142.830 (above GAP)
S/L: 131.487
T/P: 165.517
This trade depicts a direct route to 165.517 with a
2:1 RvR ratio, as always I would recommend scaling out
your profits along the way instead.
Happy trading
Looking at GBP/JPY I have made the following bullish price
action projection.
I believe price will first re-test the 154.12 level above,
especially as there are probably quite a few stop/loss
orders to be cashed in.
If price gets rejected there, I assume it will
then proceed and close the GAP from last Septembre, which
is sitting just above the 1.272 Fibo extension drawn from
156.608 to 144.986.
If price finds enough support to resume a bullish trend
from the 141.800 levels, then I would target the 164.300
levels which is the 61.8% Fibo retracement level drawn
from 188.807 to 124.786 and this target is measured by using the
extension of the initial anchor leg, hence, should price reverse
at the 141.800 levels.
I have added three trade ideas, two bullish and one
bearish.
All trades have a 2:1 RvR ratio.
Trade 1 Long
Entry: Close above 150.710
S/L: 149.005
T/P: 154.121
Trade 2 Short
Entry: Close below 154.120
S/L: 160.267
T/P: 141.825
Trade 3 Long
Entry: Close above 142.830 (above GAP)
S/L: 131.487
T/P: 165.517
This trade depicts a direct route to 165.517 with a
2:1 RvR ratio, as always I would recommend scaling out
your profits along the way instead.
Happy trading