GBP/JPY Technical Analysis
- Daily trend is up
- ATR is 174 pips
- 162.20 is the projected target
- 4h Bullish key reversal pattern
MEGATREND MAs: Bullish
H4 Chart GBPJPY
- Key reversal pattern
- Entry zone
- Daily target zone
In the 4h chart we can clearly see a bullish key reversal pattern. A bullish Key reversal is a price candlestick that makes a new low for the current downtrend but closes above the previous bar’s close. The 4h timeframe is also aligned with the daily timeframe. Targets are 161.50 and if it breaks we should see 162.20. We can clearly see a buy signal in the chart around 161.00 Volatility is high in this pair and the bulls are leading the way at this moment.
This analysis, all the patterns and all entry signals and targets are a part of the Megatrend system Join my Telegram group to receive trading signals.
Cheers and safe trading,
Nenad
Summary of January trading results is HERE https://bit.ly/jan2023NKT
Cheers and safe trading,
Nenad
