GBPJPY - THE RULE OF SUPPLY AND DEMAND IN OUR FAVOR?

Long

Livre sterling / Yen japonais (FX:GBPJPY)

Mis à jour

FX:GBPJPY Livre sterling / Yen japonais

trendanalysis chartpattern fundamental gbpjpylong gbpjpy poundsterling pound gbpanalysis supplyzone

GBPJPY seems like a good short term buy due to a bounce off of the trendline that it is respecting. Also due to the high sell of of this pair that went for a while, it is oversold and thus needs a pullback before continuing it's momentum - REMEMBER THE RULE OF MARKETS - SUPPLY AND DEMAND. I am looking to take profit of 100 pips at around 140.7 though I will be taking partial profits at around 40 pips.

Commentaire:

ALSO just to add to the idea, it looks like we are forming double bottoms and also broke out of a high momentum downward channel. The price is also at a support that was not broken with a good momentum and could be a fakeout. The stop loss is at 139.55

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