Today I attempted to buy GBPJPY with a stop-loss at 206.69 and a take-profit at 207.47. GBPJPY on the 15-month timeframe shows a price structure that generally moves in a consistent uptrend. This is evident from a series of higher lows and higher highs formed since the previous consolidation phase. This increase is also supported by the price position, which is well above the 200-day moving average (MA). When the price is above the long moving average (MA) and the line is rising, the market is usually dominated by bulls. This indicates that buying pressure remains dominant, despite occasional minor corrections. A long, gradual upward movement like this often indicates a healthy trending phase, rather than euphoria or a temporary spike.
My open buy position on GBPJPY hit my stop-loss, resulting in a loss of $2.32. GBPJPY appears to be overbought on the 15-month timeframe and is currently undergoing a slow correction. However, overall, GBPJPY remains bullish as it remains above the 200-day moving average (MA200), with further upside potential.
