Just received an alert from the Price Action Battle Station (my chart scanner) about a bullish signal on the GBPJPY 8 hour chart.
The JPY pairs have basically been lingering around after the New Years price action spike, which left behind large bullish rejection candles on most of the JPY crosses.
The GBP is also showing signs of strength too, and GBPJPY is looking buoyant at the moment.
After the main large bullish rejection, price has been floating higher and now we’ve got a second, smaller bullish rejection candle – which communicates some follow through strength coming in, following through from the main event.
Price is looking like it wants to move higher from this, however there is some intermediate resistance in the way.
If that resistance pops, then price is likely to rally to the next resistance above… enough room for a 3x target.
Lets see how this goes 🙂