GBP/JPY Trading Analysis (25/10/2024)
The trend is ascending. The downward wave structures are truncated. The currency pair is trading in the range between 365 and 135 ЕМАs. There is a bullish divergence on the Awesome Oscillator and on the Stochastic Oscillator. The reverse model 'Boguraev's Matryoshka' is forming.
Trading idea:
- Buy at the beginning of the formation of the ascending wave structure, when wave A breaks the sloping channel of the descending truncated structure.
- Stop-loss at 196.380.
- Price targets at 197.630 and 198.400.
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