GBPJPY gunning for 166.76

4 Nis 2023

GBPJPY has failed to hold below 164.38 which failed my bearish conditions and has changed my view on the price movement.
GBPJPY has been bullish for the past 1 week and I think it is consolidating so it can move higher and at this point, I am bullish biased on this pair and would recommend everyone look out for buying opportunities at 164.00 - 163.70 region.

👉 Price is above the 200EMA which clearly means we are still bullish
👉 Price has broken multiple resistance/supply/downward trendlines over the past couple of days
👉 Price is in a 5 waves progression and I believe wave 5 is currently unfolding, which puts my first target at 166.76.

I would recommend everyone to buy the dip, and as long as 163.44 holds uptrend is not over yet.

I would love to hear your views concerning GBPJPY. Please like if you agree and follow for more updates ❕❕❕

4 Nis 2023

İşlem elle kapatılmış

I would suggest closing the position now and wait for a better entry