Looking daily chart price decided to go up again after fakey setup on Friday.

gbpjpy-d

I was waiting for a bit deeper retrace on Fridays candle to at least 181.60, but price only got to WPP at round 182.00. Stochastics on daily chart is suggesting higher prices, since it is crossed up from oversold territory.

Today we price printed 4h pin bar, which rejected lower prices, now price is still at that 4h pin bar high.

gbpjpy-4h

So aggressive traders could still enter, with a stop loss round 100 pips. Other option could be, that we wait for move up, then a retrace back to round 182.60 and then look for lower time frame entry on 4h and possibly 1h charts.

Regarding news, in Japan there will be Monetary Policy Statement news tomorrow and in UK there will be Manufacturing Production m/m news.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.