GBPJPY – SPOT
Price Action: Price formed a potential Bullish Multi-Bar Fakey Setup just above the 156.06 short-term support level, overnight (We will consider this setup, despite there being some overhead resistance at 158.21. There has been strong bullish momentum on the chart recently which could see prices break out further).
Potential Trade Idea: We are considering trading the potential Bullish Multi-Bar Fakey Setup, If price breaks out above the Mother Bar high.
NOTE – You can trade Spot GBPJPY via the trading platform we use HERE.
GOLD – SPOT
Price Action: Price moved higher from the Bullish Pin Bar Signal that had formed just above the $1789 short-term support level, late last week (We did not consider trading this signal as there is an overhead resistance range at $1813 – $1834, and the recent Bearish Inside Bar Breakdown Pattern remains active. Overall we are in a broader sideways range with no clear direction – zoom out to see).
Potential Trade Idea 1: For more aggressive traders, we are still considering selling into the prior Bearish Multiple Inside Bar Pattern + Pin Bar Signal, whilst price remains below the $1834 short-term resistance area.
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Chart Commentary Disclaimer: Nial Fuller’s and Learn To Trade The Market’s analysis and comments below should not be considered financial advice or a recommendation to trade or invest in any financial product. Your personal financial circumstances and risk limits have not been taken into consideration in the below analysis and comments. This newsletter is for general educational purposes only. Do not blindly buy and sell the financial products discussed in this newsletter. Always do your own analysis and research and be expressly aware of the risks and rewards in trading or investing in any financial product.