In the H2 timeframe, GBP/JPY broke down the support level at 135.88 followed by inability to rally up. This could setup a potential short entry after the confirmation signal I explain in the video below. It is crucial to analyze with the right context together with the confirmation signal in order to avoid bad entry and increase the winning rate when trading the breakout strategy. Watch the video below (timestamp starts 3:45):
Below are the key parameters for GBP/JPY potential long setup for trading session on 16 Oct 2020.
Entry: short stop order at 135.58
Stop loss: 135.92
Take profit: 135.25