GBPJPY DAILY CHART 12/31/2019

Monthly chart indicates this currency pair is in a major upward trend.

Daily chart shows this currency pair in an upward trend. Yesterday this pair was corrective as noted by the red inside candle. Today's candle has made a lower high as noted by its lower candle wick. Today's candle is now green indicating buyers have taker over. This is the perfect place to take a low risk Long trade.

I have set my Entry at the high of the red candle. If price breaks out above this level making a higher high it would be an indication of an upward trend.

I have set my Stop Loss at 4 pips below of the current green candle. If the Entry is entered and this market starts an upward trend this stop loss should not get hit.

I have placed my Take Profit for a3:1 reward to risk ratio. This is inline with the tall upper wicks made in mid December indicating a rejection of higher prices at this is indicating resistanc.e