Search ForexCrunch

gbpjpy indecision

Looking at the GBPJPY market today which clearly is stuck in range bound conditions on the daily chart. We’ve seen aggressive bouncing between the two containment levels of the range recently creating nice price movements. One of those movement developed from a bearish rejection candle setup that formed last time the range was tested and produced nice returns.

Last session the range top was tested again where price stalled and printed an Indecision Candle. The close of the day was lower than the open, giving the indecision candle a bearish tone. A break of the lows could be used to trigger short positions, targeting the range bottom.

Keep in mind the NFP release is coming out this New York session, which doesn’t usually concern us too much as price action traders. NFP will bring a surge of volatility which generally causes your trade to quickly hit the stop, or drive it into profit rapidly.