GBPJPY - In Bullish Trend
Hi Followers,
1st of all, sorry for posting an analysis after a break because I was testing one strategy and taking trades on that. So, this pair fundamentally is in BUY position with BXY bullish and JXY bearish. On 1D time frame the trend is bullish but in 4H and 1H it is making a continuation pattern of Cup and Handle. At the moment the cup is not complete and the projections of the handle is drawn. I have taken an entry on the basis of Dow theory. The chart is in the resistance zone which I have marked with a rectangle (Red border and purple filling). The top level of the zone is a weak resistance area which can be seen that it wasn't tested much and pierced through in the past. This is quite possible that the cup will break and it will hit the TP.
The Signal is:
EP: Yellow line
SL: Red line
TP: Green line
1st of all, sorry for posting an analysis after a break because I was testing one strategy and taking trades on that. So, this pair fundamentally is in BUY position with BXY bullish and JXY bearish. On 1D time frame the trend is bullish but in 4H and 1H it is making a continuation pattern of Cup and Handle. At the moment the cup is not complete and the projections of the handle is drawn. I have taken an entry on the basis of Dow theory. The chart is in the resistance zone which I have marked with a rectangle (Red border and purple filling). The top level of the zone is a weak resistance area which can be seen that it wasn't tested much and pierced through in the past. This is quite possible that the cup will break and it will hit the TP.
The Signal is:
EP: Yellow line
SL: Red line
TP: Green line
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