GBPJPY Setting Up for a Breakout | Sept 18th
GBPJPY – Building Up Pressure
For the last week the pair has been forming a series of HL’s while having a very long 20ema carry on the 4hr chart which you can see below. Today’s reaction to the FOMC initially saw the pair weaken, but then formed a long tailed pin bar rejection, with prices continuing to push higher. The current key resistance is the 158.50. I’ll wait for a pullback towards the 20ema to catch a long before an anticipated breakout of the key level above, so around 158 gunning for a longer term move towards 160, and bringing stops to BE (breakeven) after a 4hr close above 158.50.
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