Daniel Ang

Buying Opportunity in GBP/JPY - Bought @ 159.186 Thu, Feb 02, 12:43pm. Stopped Out @ 156.90 Fri, Feb 04, 08:47am -$497.86.

Chart GBPJPY, H1, 2023.02.02 04:45 UTC, Blueberry Markets Pty Ltd, MetaTrader 4, Real

Since mid-January, GBP/JPY has been trending higher within a larger downtrend. But from Jan 23 onwards, the rebound has stalled and saw GBP/JPY pulled back in a 3-wave decline from 161.80 to 158.88 this morning in Asia trading. It is possible, what we are seeing is a larger degree recovery from the Jan 13 low of 166.65 to 161.80 from 158.88 (assuming this is the low) targeting 165.04. If so, this presents a buying opportunity with a superior risk/reward profile.

TRADE IDEA

Bought @ 159.186 Thu, Feb 02, 12:43pm.

Stop @ 156.90. Stopped Out @ 156.90 Fri, Feb 04, 08:47am -$497.86.

Target @ 165.00