The GBPJPY pair is currently holding strong over-trendline support. Additionally, when and if the GBPJPY starts to go down to test a key trendline support level we can look for a buy
we can see a bullishharmonicBat pattern forming at the trendline support level , which is another indication of a possible reversal to the upside. This provides an excellent opportunity to consider a long position with a clear target and stop loss in mind.
In terms of entry, we can look for a limit order at the completion of the Bat pattern or wait for confirmation of a bullish reversal on the lower timeframes. The stop loss can be placed just below the trendline support level to limit risk, or we can use the Bat pattern stop lose rules, while the profit target can be set at the next key resistance level .
Overall, the combination of a strong support zone , trendline support, and bullishharmonicBat pattern provides a compelling case for a potential buy opportunity in GBPJPY . Traders should remain vigilant and follow their trading plan to capitalize on this setup.
Analysis for the Buy Setup:
the GBPJPY soon will reach the resistance zone , and it looks like it might be a good opportunity to sell. The key market levels are also indicating a potential reversal. So, if you’re feeling bearish , it might be a good time to hop in and make some pips!
we can look for a double top , candle formation, as confirmation to get in a sell trade