Waiting For Pullback On GBPJPY

This post is written by Henry

This is one of the pair that I personally look at for today’s trade opportunity. With a huge upward move that happen yesterday (around 230-250 pips) I’m waiting for the price to pullback to possible support area. This support area can be fibonacci, pivots or previous high.

Looking at the weekly chart of this pair, we can see that price’s currently respected the major support area and now is making a small retracement to the upside.

We can take opportunity by an intraday or scalp trade possibility on this pair by entering the market to the long side whenever it hit any intraday support area and confirm by the price action, candle forming etc.

Why still trading to the upside? As you can see that the indicator on lower time frame (MACD in this case) hasn’t make any kind of divergences yet. So the probability to go long is still much better than to go short.

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