FOLLOW UP STRUCTURE | GBPJPY (4H)

This is another follow-up plan to speculation published earlier (see link below for reference purposes) where we enjoyed 85pips bearish move. See below our plan as breakout pattern surfaces!

Tendency: Temporary Uptrend ( Bullish )
Structure: Bullish Rectangle | Breakout
Observation: i. Price action has occurred over time (16th Oct -27th Nov. 2019) amidst a series of bounded fluctuations explaining the indecision in the market at this juncture.
ii. A breakout confirms a bullish continuation pattern as buyers gain momentum with an engulfing candle signal.
iii. Price above the Moving Averages.
Trading plan: BUY now or at DEMAND zone with TP1 and TP2 (240pips) and SL @ 139.300/137.500 zone.
Risk/Reward: 1/1.5
Potential Duration: 1 to 5 days


** Please note that Stop Loss is subject to individual risk appetite per trade and account size.

Watch this space for updates as price action is been monitored.


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