The GBP on all across pairs have been moved very strong bullish in the last three days of February 2020. Some pairs move around 800 pips in just three days. If traders drew channel on 4 Hour chart or Daily chart, it will be clearly visible that the channel is upsloping. Therefore, I will look for a bullish setup. I have observed that there was a stop hunt to the low on Thursday, November 30th last week, followed by a strong bullish move. This bearish stop hunt was a bear trap to grab liquidity. These kind of traits are very often preceded a very long move. See the setup on 1 Hour chart below:

GbpJpy forex pair 1 Hour chart trade setup
GbpJpy 1 Hour Chart trade setup

In the 1 Hour chart above and below there is a similar setup that formed a couple of days back. The left setup was short (bull trap stop hunt). Then there is a bullish setup at the bottom of the chart (bear trap stop hunt). Both setups provide a possible 600 pips move. Since the overall trend is bullish, there is a possibility that a short setup triggered to move the price lower to trigger the long setup. I will anticipate the price to fake out the upper trend line with another bull trap:

GbpJpy forex pair 1 Hour chart trade setup
GbpJpy 1 Hour Chart trade setup

Both of the setups display clear traits of stop hunt. These traits can only be executed by smart money or institutions. The red dash arrows marked two equal highs/lows taken out by a stop hunt then quickly reverse with a strong move. There was a high possibility that retail traders go short/long on that equal highs/lows as told by their strategy. But, instead, the smart money moves the price slightly beyond the high/low to take out their stop. This price manipulation lures other groups of retail traders, especially break out trader to go short/long only so see the price reversed in a strong move trapping break out traders (at the same time trigger the stop of the double top/bottom setup).

GbpJpy 4 Hour Chart trade setup
GbpJpy 4 Hour Chart trade setup

If the price indeed breaks out the upper trend line then there will be a possible bullish move of around 600 pips to the red dash line (4 Hour chart). Otherwise, if the bullish move will also break the red dash line on 4-hour chart, then the next resistance (red dash line) on the Daily chart will be around 1.500 pips above.

GbpJpy Daily Chart trade setup
GbpJpy Daily Chart trade setup

But, a bit of advice: this is all only a possible structure. This is not a prediction. It is dangerous to predict the price move. Just observe how the price react around those key level and buy if it goes up or sells if it is going down.

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