GBPJPY Sitting On Major Support Level | Oct 3

GBPJPY – Holding Just Above Key Level
In this weeks market commentary, we suggested the GBPJPY was showing a short term bearish price action structure, suggesting minimally a range between 160 and 156.50. The 160 held like a charm forming a pin bar rejection off of it, which savvy price action traders took advantage of, so hopefully you did as well.

Now the pair is sitting right on top of the 156.50 level we discussed and has sold off for 3 days straight, but holding. Bulls who want to get long can look for intraday price action buy signals here, targeting 158 and 159.75. Bears can wait for a breakout retest setup should this support level collapse. Another alternative for bears is selling on a corrective pullback to 160.

gbpjpy major suppor breakout pullback setup 2ndskiesforex

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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.

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