GBPJPY - OverBought Zone ↘️

9 jun 2023

Hello TradingView Family / Fellow Traders. This is Richard, also known as theSignalyst.

GBPJPY has been overall bullish trading inside the red rising channel, however it is currently approaching the upper red trendline.

Moreover, the green zone is a strong resistance.

🏹 So the highlighted purple circle is a strong area to look for sell setups as it is the intersection of the green resistance and upper red trendline. (acting as non-horizontal resistance)

As per my trading style:
As GBPJPY approaches the upper purple circle zone, I will be looking for bearish reversal setups (like a double top pattern, trendline break , and so on...)

📚 Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich