GBPJPY crossed the barrier of the 200 emA on the daily 5 days ago. As expected the market has pulled back to take profits and complete its natural retracement cycle. Today we see a potential bullish engulfing bar forming on the daily chart. If this bar closes at the end of the day as an engulfing bar, it augers well for the continued bullish outlook on the GBPJPY. The next main barrier to cross is around 145.72.
Trading strategy for now, buy on pull backs at level 143.35. and trade the minor range to 144.75 for scalping in direction of trend daily....Swingers will continue to hold positions if entering on formation of daily bullish engulfing candle, and observe attempts at break of 145.75 level.
Trading strategy for now, buy on pull backs at level 143.35. and trade the minor range to 144.75 for scalping in direction of trend daily....Swingers will continue to hold positions if entering on formation of daily bullish engulfing candle, and observe attempts at break of 145.75 level.