GBPJPY (1 Hour): Updated setup!!!

Hello traders, here's a short update on GBPJPY, enjoy.

Reward: 582 pips🤑
Risk: 40 pips ( To avoid premature stop loss)❌
Risk/Reward Ratio: 15.52✅

Chart Breakdown:📈📉

• Daily: A sell setup is in playas a result of a 3rd touch of a daily downward trendline + resistance.
  Price was in a downtrend and is currently consolidating on this timeframe.
  
• 4 Hour: We have a break and re-test (bearish setup) of an upward trendline.
  
• 1 Hour:This timeframe shares the same break and re-test setup seen on the 4 hour chart. Price is in a small consolidation, indicating possible continuation to the downside.
  Entry will take place at the touch of the resistance level + downward trendline drawn on the 15 min timeframe. Wait for a bearish reversal candle stick to confirm entry.
  Price breached the last higher-low, giving us reason to anticipate sells
  

Price might go for a second re-test of the upward trendline, therefore exercise patience and wait for confirmation before entering.

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DR.Swing_Forex