***GBPJPY*** Bullish outlook to start the week

2 Jan 2021

I believe that GBPJPY will start the week off bullish. As we can see, we are at a pinnacle point that can be see two ways. A double top (followed by a sell off) or a break of resistance and formation of a new support. As you can see, we have strong volume being pumped into this pair with the engulfing candle that shoots past our resistance. From here we see a retest and price sitting at the 141 level. The last candle of the week closed with minimal volume, therefore if we see a strong opening candle I will be initiating in a long trade, targeting previous levels.

Remember this is just my opinion, take it with a grain of salt and use proper risk management.

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HAPPY TRADING
-MATT