GBP/JPY Wait For Retrace
The previous trade I posted on this pair went very well and hit TP. This is now at a large resistance level and has been overbought so I want to see a retrace before taking another position. RSI is showing overbought on daily and weekly timeframes. There is a chance to open a short trade but I will not be taking that trade personally as I do not like trading against the trend.
This could retrace to any of the Fibonacci levels before rebounding but it is worth keeping a close eye on 0.382 Fib as this aligns perfectly with previous structure. If there is a clear reaction to that price level then that may be a good price to long from.
TP can be set at the previous high of 148.296 for a safer trade, as I said this is at big resistance so setting a TP above is risky. If you are willing to take that risk the net target can be 151.666
This could retrace to any of the Fibonacci levels before rebounding but it is worth keeping a close eye on 0.382 Fib as this aligns perfectly with previous structure. If there is a clear reaction to that price level then that may be a good price to long from.
TP can be set at the previous high of 148.296 for a safer trade, as I said this is at big resistance so setting a TP above is risky. If you are willing to take that risk the net target can be 151.666
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