Estimated pips are the pips that would have been gained by trading ideally along the published scenario.
| Currency pair | Total pips | Posts | Average pips |
|---|---|---|---|
| GBP/JPY | +710.0 PIPS | 20 | 35.5 PIPS |
| USD/JPY | +159.0 PIPS | 20 | 8.0 PIPS |
| Total | +869.0 PIPS | ||
Price just broke through a key level on the monthly chart.It has also broken above with candle bodies on the 1-hour and 4-hour chart (H4), but we still need to stay cautious.First, I want to see whether it comes back to the broken line and forms a pullback.
After yesterday's big rally, I'd like to wait for a bit of a pullback.When there's strong momentum, price can sometimes just keep rising from here, but normally I think it will form a pullback.
It's not a market you can sell, and it's not one you can buy either.Looking at the bigger picture, I think it's a range between the red lines, so the idea is to trade from either end of it.
My bias is to buy, but this looks like a tricky price zone.I'm thinking of either buying from the lower part of the current range, or waiting for a break either up or down before getting in.
We're still in a range near the highs.Rather than buying up high, I'd like to wait until price comes down to the range low before buying.
The higher timeframe has formed a double bottom, and it feels like a rise is very likely.At the day-trading level, the 1-hour chart has also made a bullish shift, so I'd like to wait for a pullback and buy.I think a bounce like the blue arrow, right around where price is now, is the first candidate.
The buying flow continues.Price is creeping higher, so it looks best to find support/resistance (S/R) and entry rationale on the lower timeframes and take short, quick profits.
I have a bearish bias until price breaks above Line A. If it starts turning down (making lower highs) from here, I'd like to sell, but there are signs of higher lows, so it might rise.
The trend is bullish, but price action has come to a complete standstill.
The 1-hour flow is bearish, but the 4-hour is unclear, and it looks like some buying could come in for a while.On the 15-minute, price is making higher lows in the short term, so it looks bullish.Here I'll give priority to the 1-hour flow and keep a bearish bias, but if price breaks above this range, the bullish flow looks likely to strengthen.
