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FOREX Chart Of The Day: GBPJPY LONG OPPORTUNITY

#GBPJPY is featured in our #forex chart of the day once again as the price heads towards a key weekly supply zone.
 
Watch the video to see the key levels to watch for long opportunities on this currency pairs…
 

Hi, and welcome to this Blueberry Markets video update with me, John Kibbler, Head Currency Analyst.

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In this video, we’re gonna take a look at GBP/JPY and the opportunities surrounding this market. So, it’s actually very similar to last Monday’s video.

The GBP/JPY reversal opportunity, where we took a buy order on, targeted the previous structure highs and came in quite nicely for us.

Weekly timeframe

If we take a look at this weekly timeframe, we can see that the price bounced from these lows and is making its way to the upside. The strength and weakness table suggests that we still need to look for this GBP/JPY move to the upside.

We can see that we still had a good 150 pips to these swing highs on the weekly.

Daily timeframe

We have broken these highs. And now, the prices have taken out these swing highs. I’m expecting a pullback and for the continuation to trade back up into these swing highs here.

Four-hour timeframe

If we go down to a lower timeframe and just take a look at this four-hour, we can see that the price is still continuing that trend to the upside.

If the price can continue up and pull back into this previous structure point through here, we see the market rally then pull back. Where does it pull back to? To the previous structure highs zone.

It rallies as it comes back, retests it, then rallies again. But we found a bit of resistance here for some reason. The market is pushing to the upside.

If the market comes back down to retest this level, then I’ll be looking at a lower timeframe for a potential entry. I might look to trade it up to around the 135 area of resistance.

Similar to last week, we’re looking for those GBP/JPY buys. I’m looking for those to continue up into that major swing level on the weekly timeframe.

Keep an eye out for that at the start of the week. Look for those long opportunities around 135, which opens and closes around April. We’re looking for those to be retested this week as the GB Pound continues to gain a little bit of value. We’re also looking for a reversal on the GB Pound weakness.

So, keep an eye on this. If you have any comments or questions, as usual, drop them in the comments section below. I’ll get back to you as soon as I can. Cheers!

Apply what you learned from this Forex Market Outlook in your future trades with the GBP/JPY currency pair. The good news is that you can test your trading strategy risk-free. Sign up for a free demo account by clicking here.  


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