If you followed the previous analysis that was made on this pair
www.tradingview.com/symbols/GBPJPY/ .
Youll notice we were expecting a reetracement to 150.715 level. It wasnt safe to enter a buy then to exploit the opportunity the retracement will provide.
I'm not uncertain the GBPJPY is ready for a short term bullish movement.
My reason being, checking the hourly tf, you'll notice a break of our descending trendline. Which is also in confluence with a break above our support level at 149.471 signifying that price has broken our previous lower highs and ready to make higher highs which is a sign of a bullish trend.
However, despite all the analysis, we shouldnt forget today is a Friday, which means the closing of the trading week and we should be on a lookout for any story the chart and price will be telling.
Do have a lovely weekend.
www.tradingview.com/symbols/GBPJPY/ .
Youll notice we were expecting a reetracement to 150.715 level. It wasnt safe to enter a buy then to exploit the opportunity the retracement will provide.
I'm not uncertain the GBPJPY is ready for a short term bullish movement.
My reason being, checking the hourly tf, you'll notice a break of our descending trendline. Which is also in confluence with a break above our support level at 149.471 signifying that price has broken our previous lower highs and ready to make higher highs which is a sign of a bullish trend.
However, despite all the analysis, we shouldnt forget today is a Friday, which means the closing of the trading week and we should be on a lookout for any story the chart and price will be telling.
Do have a lovely weekend.