Next hurdle for climbing GBPJPY is near. Let's see if it breaks or reject. I would wait for reversal pattern in smaller timeframe at the Magenta line area.
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I have an early entry at around 147.270. Near Sept 30th Weekly candlestick Open price. And now it's running 70pips. Reason for entry are the trendline. Target for now is the grey Weekly ascending trendline. However I would monitor on the nearby supports and look for breakout or rejection.
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Price did rejected the level at 148.850 during Asian session today, dropped 50 pips to Asian Range low which it did rejected and bounce from at London Open.
Cancelled the trade since there was no reversal signs at H1 & H4 hence shorting the GBPJPY now is for scalping only.
Since this is a Weekly trendline, I can't say it's invalid yet until we know the week closing price, but it is much better to wait for reversal pattern to occur at smaller timeframe before placing a trade.
I do have target in mind for the next resistance which will be around 149.700 to 150.250.
Cancelled the trade since there was no reversal signs at H1 & H4 hence shorting the GBPJPY now is for scalping only.
Since this is a Weekly trendline, I can't say it's invalid yet until we know the week closing price, but it is much better to wait for reversal pattern to occur at smaller timeframe before placing a trade.
I do have target in mind for the next resistance which will be around 149.700 to 150.250.
I've closed my early entry and secured a decent 80pips. There isn't any sign for reversal pattern yet especially at H4. Ascending trendline H4 is still respected.