GBPJPY Analysis (8th April 2024)

Market Analysis PT1/2 (8th April 2024)

GBPJPY Analysis

1 hour timeframe, Price action has created a very bullish push to the upside after retesting the Bullish orderblock, creating another BOS to the upside. In the process, price action has created a bullish FVG on the 1 hour as well.

There are 2 main scenarios i am looking out for later on in the London Session.

1. Price rejects off the fvg and creates a 5 minute Change of Character to continue bullish. Only then will i be interested to look for longs.

2. Price action fails to hold the bullish FVG and retraces deeper into a 1 hour OB. This is where i will be alittle more cautious of buys but its still possible if it gives us a 15 minute bullish Change of Character to show us that the lower timeframe orderflow is shifting bullish.