Greetings Forexia Crew. Another good day to trade. Lets break down the analysis on GBPJPY. As it can be seen from the “Weekly” chart the pair has overall downtrend. However, the pair has been going up for couple of days and weeks. Meanwhile, GBPJPY broke the trend to the downside inducing the sellers, However, the pair did not move much to the upside through bouncing off the obvious zone (support and resistance). I believe the pair has more potentials to go downside. Besides, today is Tuesday (“Tuesday Reversal”), along with the pair has formed the seller structure where it asian consolidation and break to the upside where lots of traders go long. I am waiting for the scenario below and entry on dma to have small stop loss to potential 240pips move to the downside.
Please Trade Safe!!! Use proper money management and lot sizes!!!
Caught 50pips and rest broke even!