Spotting Trading Opportunities For GBPJPY

Over the recent three weeks, GBPJPY has exhibited a noteworthy and substantial uptrend. In the H1 chart, there is a conspicuous fresh supply zone resembling a Quasimodo pattern. This supply level presents an excellent opportunity for initiating a sell position upon the initial contact with the price. Additionally, the price shows a compression upward toward this supply, signaling buyer weakness. The target for this sell position can be set at the demand zone below, which represents the latest demand formed during the ongoing uptrend. Notably, this demand level also serves as a favorable point for establishing a buy position.

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