GBPJPY daily rejection at 164.68 since Dec 2022

8 Nis 2023

Looking at the price chart, we can see price has done a Change of Character, and it is currently pulling back so it can go for a Break of Structure.

I am anticipating the reversal of the pullback at 164.50 - 164.74 region because :-

i. We have an Order Block yet to be mitigated in that region.
ii. We have 50% Fib Retracement level of wave A at 164.60
iii. We have a Trendline Liquidity around that region
iv. Looking at the upward correction from 162.78, it resembles a Flag
v. Looking at the Daily chart, I observed that we don't have any candle close above 164.68 since December 21, 2022, which I refer to as a Resistance/Supply zone.

In summary, we have a small buying opportunity from 163.80 - 164.65 but I would recommend looking for selling opportunities instead because no candle had closed above 164.68 yet on the daily TF this year and I don't think it would be happening yet due to the confluences of selling signals we have.

I would love to hear your thoughts 🤔, feel free to leave a comment ✍. Please like 👍❤ this idea 💡 if you agree, and follow me for more updates ❕❕❕

10 Nis 2023

İşlem kapandı: hedefe ulaştı

First TP touched...waiting for a pullback and hopefully another leg up to 164.95 region before the sell begins

10 Nis 2023

İşlem kapandı: hedefe ulaştı

Another TP touched 164.95..now waiting for that sell setup

10 Nis 2023

Emir iptal

Price has failed to show a sell setup