FX Commentary – GBPJPY Intraday Breakout Pullback Setup | Jan 31st

Verified Profitable Trader

Today the GBPJPY completed a major breakout to the upside, taking out the prior Jan. swing highs at 144.71.  This breakout had all the classic signs of a breakout, and formed a perfect intraday breakout pullback setup twice today (at 144.27 and 144.75).

If the market forms a corrective pullback into the prior resistance level (now support), then I’ll look for longs here, targeting 146 and 150 which are the major swing highs from May and Jan. 2010.

NOTE: Tomorrow is the first NFP of 2013 so careful to mitigate risk ahead of the announcement.

intraday breakout pullback setup price action gbpjpy 2ndskiesforex.com jan 31st

If you want to learn to trade price action, learn rule based systems, get access to the traders forum, lifetime membership & more, visit my Price Action Course page here.

Make sure to check out my newest article 2 Tips for Placing Highly Effective Stops

Want More? My private members get all my trade ideas & market commentary 4x per week. Click here to become a member.

Related Article