Trade of the Week - May 16th 2023 - GBPJPY Buys

GBPJPY

GBPJPY was bullish on the HTFs. The 4 hour had formed resistance and price dropped during London session when unemployment numbers were higher than expected.

Looking at the structure once support was formed there was a high probability that price would continue up to retest the highs and above

After the news drop and a previous support was respected, it was anticipated that the move would be retraced as the HTF bias was bullish. Support was formed with a bullish engulfing candle, which was confirmation for the buys

Entry - 169.81

SL - 169.73

TP - 170.625

Bullish bias

Uptrend market structure formed

Set up

Bullish engulfing at support

Entry was at the break of the high

Stop loss below

TP - Top of the range - 80pip move