GBPJPY UK Data triggers the recovery
Upbeat UK Retail Sales Data triggers GBP recovery.
GBPJPY broke the near term bearish fractal trendline.
We enter a Long Trade at 134.430. Our target is 134.950
A bearish Cypher Pattern would be completed at D. We will look for a short opportunity.
The short trade setup based on Bearish Cypher Pattern is as follows:
Short Entry: 134.950 – 135.050
Stop: Above X 135.300
TP 2: 134.650
Short TP1 Reached
As I mentioned in the setup, we may see a retracement toward 134.800 134.650. If the price fails to break below 134.650, it is likely to test and break above 135.250. Bearish Shark pattern would be completed at D 135.750. This pattern is a strong retracement pattern confirmed by Bearish White Swan pattern. We will sell the pair at 135.750. I will update.
VERIFIED ACCOUNT AND SETUP RESULTS
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