GBPJPY Long Idea
Обновлено
Hey traders!
Looking to long GJ from the 38% fibo, currently lower timeframe structure has now been broken so the short term bias is bearish, however on the daily timeframe GJ is still very bullish. So unless a lower high is formed to indicate more downside and a shift in the structure of this asset bullish is the bias for now on higher timeframes.
Noting this, it is worth keeping an eye on the upcoming COT data this Friday, as firms have been adding shorts to the Pound and adding longs to the Yen.
Now with the market sentiment covered here is the entry and confluences for the Long:
Entry- 197.210 Stop- 45 pips Target- 130 pips (Targeting the previous fibo level)
Entry Signal- H12 Sharkfin on TDI
Confluences:
Key Level
38% Fibo
H12 50MA & EMA
Looking to long GJ from the 38% fibo, currently lower timeframe structure has now been broken so the short term bias is bearish, however on the daily timeframe GJ is still very bullish. So unless a lower high is formed to indicate more downside and a shift in the structure of this asset bullish is the bias for now on higher timeframes.
Noting this, it is worth keeping an eye on the upcoming COT data this Friday, as firms have been adding shorts to the Pound and adding longs to the Yen.
Now with the market sentiment covered here is the entry and confluences for the Long:
Entry- 197.210 Stop- 45 pips Target- 130 pips (Targeting the previous fibo level)
Entry Signal- H12 Sharkfin on TDI
Confluences:
Key Level
38% Fibo
H12 50MA & EMA
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