GBPJPY – Is the Current Pullback Impulsive or Corrective
I got a lot of questions on this in the daily members commentary, so wanted to discuss this one today as it offers some challenging price action reads for traders.
After the long coiling price action + inside bars we talked about earlier this week, the GBPJPY busted higher as the bulls stepped in heavy from the FOMC minutes taking short term control. The pair then formed a corrective structure (which you can see on the 1hr chart below), which should have led to higher prices.
Instead, the pair had a one bar impulsive leg lower, then corrected for +15 hours. This second corrective structure has more bullish elements in it …... Keep reading