GBPJPY Moves Higher as Expected

  


On September 9 2021 I posted on social media @AidanFX  “GBPJPY will be watching for buying opportunities for a move higher towards the 152.20 – 152.60 area.

GBPJPY, trading, forex, elliottwave, market patterns, AidanFX, @AidanFX

The chart below was also posted on social media @AidanFX September 9 2021 showing the possible GBPJPY bullish scenario. Price formed a bullish divergence pattern (black) on indicator and price on September 9 2021  and was then followed with a move higher that broke the previous Lower high level which signalled more upside was to continue. The Tenkan (blue) crossed above the Kijun (pink) also signalled a bullish view. GBPJPY retraced back to the cloud and Kijun (pink) which could offer a good dynamic support zone. Entered the BUY trade at 151.81 with Stop Loss at 151.41 and  Targets at the 1:1 RR minimum with full target at the 1:2 RR.

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GBPJPY 1 Hour Chart September 9 2021

GBPJPY, trading, forex, elliottwave, market patterns, AidanFX, @AidanFX

GBPJPY eventually moves higher  and on September 10 2021 price hits  1:2 RR target at 152.61 from 151.81 for +80 pips (+2%). A trader should always have multiple strategies all lined up before entering a trade. Never trade off 1 simple strategy. When multiple strategies all line up it allows a trader to see a clearer trade setup. If you followed me on social media @AidanFX you too could have caught the USDCAD move higher. We at EWF never say we are always right. No market service provider can forecast markets with 100% accuracy. Only thing we at EWF 100%, is that we are RIGHT more than we are WRONG.

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GBPJPY 1 Hour Chart September 10 2021

GBPJPY, trading, forex, elliottwave, market patterns, AidanFX, @AidanFX

Of course, like any strategy/technique, there will be times when the strategy/technique fails so proper money/risk management should always be used on every trade.  Hope you enjoyed this article and follow me on social media for updates and questions> @AidanFX

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