GBP-JPY STRUCTURE LONG|TRADING PLAN

12 ago 2020

Just as any Yen pair, GBPJPY has too many levels to account for, yet I've been able to dig through them for you and here is the analysis.
The charts above are there to show you the big picture.
So the pair has broken two important diagonal resistance lines on the daily, and is now storming the horizontal resistance line, which tend to be more precise.
There is a strong bullish sentiment in the pair, thus our target trade is a long.


TRADING PLAN:

1-Wait for the breakout

2-Make sure its confirmed(1H candle close above the level)

3)Wait for the retracement

4)Go Long

5)SL below the level, target1- midway to the target on the chart. Target2-on the chart. New horizontal level.

IF there is no breakout, then wait till the price gets back to retest the resistance. Too many support levels below to short the failed breakout.

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