A bullish pattern is visible on the GBPJPY 1 hour time frame. The blue bullish pattern still needs to make a push lower to complete point D at the BC 0.50% Fib. retracement level where GBPJPY can possibly find buyers to push the pair higher. There are a couple Demand Zones below the BC 0.50% level where buyers could be waiting to place buy entries. If looking to trade GBPJPY, traders should be patient and wait for price to make a move lower to the minimum BC 0.50% Fib. retracement level. Waiting for price to move below the BC 0.50% Fib. retracement minimum level will give the trade a better risk to reward. Price needs to stay above the point B and below the point C of the bullish pattern to remain valid. If price pushes lower to terminate point D of the pattern and makes a bounce higher the first target level will be the pattern point C high and 2nd target will be at the AB 2.24% Fib. level. Only time will tell what GBPJPY will do. For now watch to see if price respects the BC 0.50% Fib level for possible buying opportunities. Trade safe.
GBPJPY 1 Hour Chart June 20 2022
Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade. Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX
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