Tonight I will place a long on GBP/JPY @ 129.36 with TP @ 129. 98 and SL @ 128.79
My reasons are as follows:
1. After the price broke through resistance in 129.40 area it should now use this area as an immediate support
2. On the hourly chart RSI is oversold but price has only retracted to the 38.2 Fibonacci level from the bounce at 128.20 region showing that bulls are alive and well
3. The price has broken through the 100 EMA on the 15min-1hour charts and now seems to be using it as support on dips
4. The Trendline from 133.60-131.60 on the 4 hour chart comes in at 130.00 and looks prime for another test because the price has not deflected too far from it since it last touched at 130.26. With that being longs are favoured.
(CHECK FOR RESULTS TOMORROW IN THE COMMENTS SECTION)
P/L RESULTS = -56 pips
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