gbpjpy 8h risk/reward shifting in bears favor soon

🔸Hello guys, let's review the 8 hour chart for GBPJPY today. The active range is defined
since April 2022, so we are still trading in this range 12 months fast forward. Currently
risk/reward shifting in bears favor since we are closing in on range highs.

🔸Active trading range is defined by range lows at 157.80 and range highs at 167.20,
so this is almost 1000 wide trading range. Premium prices set at 169.40/171.50 and
156.00/154.80 below market price. As we are closing in on range highs risk/reward shifts
in bears favor.

🔸Recommended strategy for GBPJPY position traders / swing traders. Bears focus on short selling
high near premium prices close to 169.40. TP1 bears is +300 pips TP2 bears is +450 pips.
Short-term expecting more gains, so short-term traders may buy dips/pullbacks targeting 169.40,
which is also a decent risk/reward on buy side. good luck traders!

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Comment:

short-term bullish outlook until we hit premium prices overhead