GBP/JPY - 26/10/2021
(H4) - GBP/JPY currently bullish in that pullback phase. I will be interested in seeing how price reacts to 156.869 to begin completion of this break and retest pattern. If we do close above we could look for reversal buys but the R:R wouldn't be the best and we would be trading against HTF structure which is bearish.
(M15) - Due to GBP/JPY being in this bullish phase, to effectively trade this break and retest and give ourselves the highest probable entry we would need to see a few things:
1) price to come into 156.825 and start to reject.
2) price to then gain heavy momentum off this level with wick rejections showing an attempt and failure to break 156.825.
3) We would then need to see price break and hold below 156.633 to show the sellers have full control.
(M15) - Due to GBP/JPY being in this bullish phase, to effectively trade this break and retest and give ourselves the highest probable entry we would need to see a few things:
1) price to come into 156.825 and start to reject.
2) price to then gain heavy momentum off this level with wick rejections showing an attempt and failure to break 156.825.
3) We would then need to see price break and hold below 156.633 to show the sellers have full control.
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