GBPJPY Back In Focus For Longs Into 186.50
Mon 6th November 2023 : Daily Forex Price Action
Today we’re looking at Trading Setups in:
- GBPJPY (Primary Focus Pair)
- GBPUSD (Covered In Video)
- EURCHF (Covered In Video)
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Our Interest (pending order)/Open Interest (live position)
Last week on the 1st November we identified a long opportunity on GBPJPY, if you had followed the analysis then that position is +170 pips up.
GBPJPY is back in focus today as price looks to target the daily (D1)highs of 186.50.
On the daily (D1) chart, we can see the price has traded through key trend line resistance which formed from the highs in August 2023.
We have also traded through key daily resistance highs of 183.70 which formed on 12th October.
Long opportunities could form for us if the price can pull back into the dynamic support of the hourly H1 50MA.
Hourly 50 moving average is currently trading around 184.50, however this will change if price continues to trade higher.
If price can break below the hourly 50MA and then back above it, we can look to go long into the 186.50 D1 resistance highs.
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