GBPJPY Intra Week Outlook 1/5/20
Two trade ideas:
1. Market is currently in a consolidation. The smart thing to do is to wait for a breakout of the consolidation before taking a trade. Yesterday's bullish move was strong which hopefully allow GBPJPY to have a bullish break up. If the daily today closes strongly above the indicated resistance (fibo crit level), it has broken the consolidation structure and will be headed up, trade idea comes in at the retest of the broken resistance.
2. GBPJPY still gets stuck in the consolidation zone as marked in the chart. Lack of bullish or bearish momentum which means letting it move within the ranges. Personally do not like to trade in consolidation zones but GBPJPY has provided good pips even in zones such as this.
Its a new month, trade safely!
Trader's Arena FX
1. Market is currently in a consolidation. The smart thing to do is to wait for a breakout of the consolidation before taking a trade. Yesterday's bullish move was strong which hopefully allow GBPJPY to have a bullish break up. If the daily today closes strongly above the indicated resistance (fibo crit level), it has broken the consolidation structure and will be headed up, trade idea comes in at the retest of the broken resistance.
2. GBPJPY still gets stuck in the consolidation zone as marked in the chart. Lack of bullish or bearish momentum which means letting it move within the ranges. Personally do not like to trade in consolidation zones but GBPJPY has provided good pips even in zones such as this.
Its a new month, trade safely!
Trader's Arena FX
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