Categories: Forex Education

GBPJPY Might Present Buying Opportunity

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

Vladimir Ribakov

Following 11+ years of trading experience, trading my own accounts as well as for hedge funds and brokerages, I have decided to fulfill my destiny and to personally mentor Forex and Commodities traders. When I released the “Broker Nightmare” (software that hides trades from brokers) 8 years ago, I found an overwhelming number of frustrated people who genuinely wanted to learn how to trade the Forex market, but instead found themselves scammed and misled. Over the years I have also release other trading systems based on my trading strategies, and met a lot of people on my worldwide Forex seminars. We’ve formed a close Forex community and we meet once or twice a year in various locations in Europe.