GBPJPY Long Setup & Analysis
According to the latest GBP COT Report, we can see that the Sterling is getting even a stronger upward momentum due to its increasing long size contracts. If we see this trend continuing, we can expect a possible 160.000 attempt, where there will be a second touch with the monthly trendline. We can expect this to happen in the upcoming 2021.
After price got rejected a few months ago near the 125.000 area, we saw strong demand pressure. This pushed price above the 139.000 mark, and now we can expect a move towards 150.000. Then we can see how price reacts and if we see demand pressure kicking in once again, we can prepare ourselves for the 160.000 move.
Right now, there is one possible scenario:
1. Price going towards 141, where it will get caught in our daily supply zone. Then price will fall to the daily demand zone below near 135.500. There we have a triple confirmation – the demand zone itself, the daily blue dotted trendline and the golden 0.618 Fibonacci level. This will give us an opportunity to enter a long trade towards the 147.000-150.000 area.
Happy Trading!
After price got rejected a few months ago near the 125.000 area, we saw strong demand pressure. This pushed price above the 139.000 mark, and now we can expect a move towards 150.000. Then we can see how price reacts and if we see demand pressure kicking in once again, we can prepare ourselves for the 160.000 move.
Right now, there is one possible scenario:
1. Price going towards 141, where it will get caught in our daily supply zone. Then price will fall to the daily demand zone below near 135.500. There we have a triple confirmation – the demand zone itself, the daily blue dotted trendline and the golden 0.618 Fibonacci level. This will give us an opportunity to enter a long trade towards the 147.000-150.000 area.
Happy Trading!
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