GBPJPY Long

16 Jan

Channel & Trendline
- bullish trend line on 1hr and 4hr still respected
- bearish trendline on 15mins has been broken and retested
- if the price respects the 0.764 on fib retracement it would support a new bullish trendline on lower time frames.

Fib retracement - pullback at 0.764 has been respected at 15 mins even with with the high sales volume after the news

For entry looking for price to retest the 0.764 area at 185.262, and stop loss below the nearest support area below 0.764 as breaking this support area could mean price could move down further. and take profit is set at 185.700 which is the nearest resistance area which has not yet been reached.

16 Jan

Catatan

unfortunately the price did not come back to 0.764 level of Fib retracement. using the 0.618 would have been a safer entry point with a reasonable risk to reward of 1:2+.