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GBPJPY Tripple Inside Day Combo – Waiting for a Breakout

gbpjpy inside days

Non Farm Payroll was released last session, 1 day earlier than normal to accommodate for the July 4th holiday for the USA. The impact of NFP was mild on some pairs, but no impact here on the GBPJPY daily chart.

As a result of the indecision, this market has dropped it’s third Inside Day.

A breakout is imminent here and it’s looking like the bearish pressure is on. So I am rooting for a bearish breakout, considering this market is over extended on the weekly chart from it’s 10 week rally.

We’re sitting on a support level at the moment, which is containing price from breaking lower, but if this support breaks and price starts closing below here, this market will have fully transitioned into a bearish market.

Avoiding any breakouts that occur during the Asia session, and will check in to see if it is worth placing a breakout order during London trading.

Dale Woods

Dale Woods

The Forex Guy is an educational Forex trading blog run by Dale Woods who has been a passionate retail Forex trader for over 6 years. Dale trades the Forex market exclusively with price action based methodologies, believing price action trading to be one of the powerful approaches used the market today, and really is the core foundation of any good trading system. Dale also strongly believes in keeping charts clean and keeping things simple, logical and uncomplicated. By making trading decisions straight off the raw price action data, you can ‘bypass’ unnecessary variables like exotic indicators, trading robots or magical pivot levels. Dale enforces the idea that there is hardly any edge trading news and economic data releases and much prefers to make trading decisions straight from the candlestick themselves. ‘The Forex Guy’ is dedicated to providing knowledge to serious and passionate traders who want to learn the art of price action trading, positive geared money management and how to psychologically condition themselves to become a professional trader.