British Pound Japanese Yen - GBPJPY - 10/09/2024

British Pound Japanese Yen - GBPJPY - 10/09/2024

Today, we were closely watching the Previous Daily High (PDH) as a key level. The plan was simple: if the price breaks above the PDH, we’d expect to see some bullish momentum, signaling buyers taking control.

Previous Daily High (PDH): If we break this level, it usually means the market is moving higher, and we should be prepared for a possible bullish run.

Resistance for the Day: As the day progressed, we noticed a resistance level forming, which was keeping the price from moving higher. This gave us an early signal that the upward push might be losing steam.

My Trade: Anticipating that the price wouldn't break the PDH and might reverse, I decided to take some sell positions, expecting the market to head lower from here.