GBP/JPY Bullish Idea
Trade Plan of GBP/JPY as on 24 July 2022:
Script: Long
Entry Point (C) Significance:
• Point C is falling in a very important Support (Demand Zone) which the price has respected previously for 4 times).
• Point C lies at the FIB resistance of 0.236.
• Inside Bar and Twizzer bottom Bullish Candles have been formed at point C.
TP 1 Significance:
• TP 1 is the fib Resistance level @ 0.5
• It lies at the upper resistance (R2) of the descending price channel.
TP 2 Significance:
• It is a major resistance zone and lies near Fib @ 0.786
TP 3 Significance:
• It is the Point D of the ABCD pattern.
Overall Confluence:
The price has bounced back by breaking the ascending Support S1 and has now reached a very strong Support S2 from where it is expected to target its new High at Point D according to ABCD pattern so my overall view is that the Bulls will take the charge from Point C, will break the descending R2, retest the S2 zone and will lead the price to Point D.
Script: Long
Entry Point (C) Significance:
• Point C is falling in a very important Support (Demand Zone) which the price has respected previously for 4 times).
• Point C lies at the FIB resistance of 0.236.
• Inside Bar and Twizzer bottom Bullish Candles have been formed at point C.
TP 1 Significance:
• TP 1 is the fib Resistance level @ 0.5
• It lies at the upper resistance (R2) of the descending price channel.
TP 2 Significance:
• It is a major resistance zone and lies near Fib @ 0.786
TP 3 Significance:
• It is the Point D of the ABCD pattern.
Overall Confluence:
The price has bounced back by breaking the ascending Support S1 and has now reached a very strong Support S2 from where it is expected to target its new High at Point D according to ABCD pattern so my overall view is that the Bulls will take the charge from Point C, will break the descending R2, retest the S2 zone and will lead the price to Point D.
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