GBPJPY – Price Action Structure Suggesting Breakout | May 26th

Verified Profitable Trader

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.


Check out our latest Live Price Action Trade Setups May 24th

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

Related Article