GBPJPY MARKET ANALYSIS

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 Good morning traders I bet you're all ready for this week in the markets and as always I got you covered with in depth analysis. Into the charts I'm looking at GBPJPY where price dropped to a major H4 & daily demand zone at 156.242 & 155.517 which is the origin of the previous rally to the H4 supply zone at 161.646 & 160.670. Price filled the H1 & H4 range from the major H4 & daily demand to the H4 supply zone and back to the H4 & daily demand zone. Price dropped into demand forming a strong rejection wick with candle close inside demand on H4. Price then rallied out of demand to 156.767 then retraced to retest demand at 156.242 before a continuation of the rally. Took buy entries during London session at 156.580 with SL at 156.030.
Setup taken is a drop base rally a reversal setup and my target is at the H4 supply zone at 161.646 & 160.670.












Price slightly consolidated on H1 by rallying to 157.000 then dropped back to entry leaving a strong rejection wick before gaining more bullish momentum and rallying higher forming a higher high on H1 at 157.300 confirming a shift in market structure to bullish and also confirming my bullish bias. Still holding my positions as I wait for more bullish momentum within the week as there's a BOJ report expected to be released which will affect the yen pairs.






Price dropped from the higher high at 157.280 to form a higher low at 157.165 before a continuation of the rally. Took a scale-in buy position at 157.314 with SL at 156.600. Price rallied slowly with low momentum then gained strong bullish momentum during Asian session. Price rallied 480 pips in strong H1 bullish candles back to the H1 & H4 supply zone at 161.646 & 160.670 which was my target zone. Price has filled the H1 & H4 range from the H1 & H4 supply zone to the H4 & daily demand zone and back to the H1 & H4 supply zone. 
Target hit and closed out my positions.
R:R = 1 : 7




















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