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GBPJPY Trading Analysis 23.11.2020

Posted on Nov 22nd, 2020

by colibritrader

@colibritrader

Dear traders,

We have been through a relatively quiet trading week.

DAX has been trading in one of the tightest trading ranges I have seen in a long time.

So far, there has not been a major trade there.

The chart still looks quite bullish.

I believe that next week we will see more buyers coming in and pushing the price higher.

I will not be surprised to see the price going down to re-test the 13,000 level before seeing it re-bounce to the upside only after.

GBPJPY Trading Analysis 23.11.2020

Today, I am also looking at the GBPJPY pair.

It looks like price has just re-tested a demand zone and formed a bullish engulfing pattern.

I would not be surprised to see the price re-testing the 140 level next week.

I will be looking for a place to possibly go long and the 4H chart should give us an indication if we should go long or do nothing.

Ideally, this would come after another re-test of the 137.60 level.

Pin bar or another bullish engulfing pattern around this level will attract a lot more attention and that is what I will be looking for.

Happy Trading,

Colibri Trader

2 thoughts on “GBPJPY Trading Analysis 23.11.2020”

Mamoun ALI says:

November 25, 2020 at 9:41 pm

Your analysis is very good and professional

Thanks a lot
Mamoun ALI

Reply
1. colibritrader says:
  
  November 26, 2020 at 12:45 pm
  
  Thank you
  
  Reply

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