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GBP/JPY: Counter-Trend Long

GBP/JPY: Counter-Trend Long

Could GBP/JPY have printed a bottom?

Well with some long wicked candles followed by some strong momentum buying off the previous swing low, this could very well be the case!

While the trend line at the top of the daily chart shows the pair in a bearish trend, the fact that price didn’t look back when GBP/JPY tested the broken channel resistance gives a sign that maybe the trend isn’t the key factor here.

A strong case could actually be made for a counter-trend trade, with momentum on the bulls’ side. Not to mention the fact that price is also at the bottom of that previously drawn channel (use your imagination and compare with that previous post) and certainly has plenty of room to move to the upside.

GBP/JPY Daily:

GBP/JPY Daily Chart

But it’s this horizontal support/resistance level that I really wanted to highlight, with it being both an area of previous interest when it comes to price, as well as the November 25 gap level.

If this daily zone holds, we will look to zoom into an intraday chart and find a pullback to get long off.

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