Forex Price Action – GBPJPY Breakout Pullback Setup | Jan 14th
Still running its take no prisoners bull trend, the GBPJPY has yet to produce a sell signal yet. Generally in bull trends, it will create a breakout pullback setup at a prior swing high, along with find dynamic support off the 20ema. It has done the latter in its most recent corrective pullback, but has yet to find the swing high and support level at 142.63.
I will watch for a corrective price action pullback towards the 142.63 level for a breakout pullback setup, targeting the recent trend highs. However, if the pair forms a LH (lower high), along with a strong bearish price action reversal signal, then I will look to sell targeting 142.63, and for a possible break lower, which would signal likely profit taking from short and medium term longs.
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