Dear traders,

Last week I shared with you analysis on Gold.

XAUUSD is still looking pretty bullish and we have managed to take a small trade in the trading room last week.

I am going to possibly re-enter if I see another opportunity to go long.

For now, bulls are still in control of the battle.

GBPJPY Trading Analysis 21 March

Today, I am looking at GBPJPY.

It has been a while since I have not published anything on this pair.

It looks like this pair might be topping out or at least be ready for a minor correction.

There was a pin bar on the daily chart from Thursday.

This candle was followed by a red candle, confirming the bearish stance.

I will be looking for a potential retracement towards the 151.20 area.

Then, if I have a confirmation from the 4H chart, I might decide to go short.

Be careful, because we are in an uptrend and remember that last time we also had a similar-looking bearish scenario.

I would be extra careful and if I act upon a short signal, I will make sure that my stop loss is not too wide.

In this way, I would like to minimise the potential impact on my P/L in case I am wrong.

On the other side, if I see a potential bullish continuation signal, I might decide to go long if price breaks above the 151.20 zone.

Happy trading,

Colibri Trader

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