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GBP/JPY potential breakout trading setup for markup phase
GBP/JPY broke above the intermediate resistance at 137.30 yesterday and drew out some supply with a reaction unfolding currently. This sets up the stage for a potential breakout trading opportunity for GBP/JPY if it can commit above 137.70 and to enter the mark up phase. In order to trade breakout successfully, there are a few details to pay attention to in order to filter out the bad setup and increase your winning rate. Watch the video below (timestamp starts 3:45) to find out and apply to any other instrument you are trading:
Below are the key parameters for GBP/JPY potential long setup for trading session on 22 Oct 2020. Pay attention to the confirmation signal in the video to make sure the setup is valid.
Entry: long stop order at 137.70
Stop loss: 136.68
Take profit: 139.98
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