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.

gbpjpy breakout pin bar rejection price aciton 2ndskiesforex

Check out our latest article onĀ Why We Are Afraid to Lose & How to Transform This

Want More? My private members get all my trade ideas & market commentary up to 3x per week. Click here to become a member.

Buddhist, Trader and Philanthropist

I'm Chris Capre, Founder of 2ndSkiesForex. I help traders of all levels change the way they think, trade and perform. As a professional trader, I specialize in trading price action. As a teacher, my passion lies in showing you how to re-wire your brain for successful trading. Want to improve your edge right now? Visit my Price Action Course page.

Related Article