The GBPJPY pair might be heading higher in the near term, as there is a major gap area around 195.00, which is yet to be closed. So, there is a chance that the pair could spike higher to close the gap. There is also a wave duplication pattern which might form to support our bullish view. So, I think we should be looking for short-term buying opportunity moving ahead.
On the 15-minutes chart, there are a couple of support trend lines formed, and if the pair corrects lower we can enter a buy trade.
Technical Analysis
H4–Gap area which is yet to be closed.
H4 – Possibility of a wave duplication formation.
Entry:
M15– We can enter a buy trade if the pair corrects lower and trades close to the highlighted trend line and support area at 192.80-50.
Target 1: 193.80
Target 2: 194.50
Stop Loss: A close below 192.00
Video Explanation:
Yours,
Vlad
