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GBPJPY – Corrective Structure Suggesting Breakout
The GBPJPY which we talked about in our weekly market commentary, has been in a corrective structure after the large engulfing bar + false break setup we discussed. Generally a corrective structure after a large impulsive move, suggests a continuation from the original impulsive move. The price action that’s been forming over the last three days supports this by intimating an upside breakout is coming.
Our Trade Idea: Conservative traders can wait for the pullback entry we discussed in our weekly market commentary. More aggressive traders can look for a mild pullback into the 4hr 20 EMA, with stops below 171. Upside targets remain the same, which are 172.50/60 area.
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