GBPJPY - Daily - 95-100 (%) overbought.
If there is a one way traffic pair, then it is definitely this one!
What a drive up we had on this currency pair. I think it will continue even higher... But later... Now, we are ready for a bit of retracement, I think.
Probably, the most interesting part of this analysis is that we actually made the same percentage rise on the current rally as on the April/May 2017 one. It was approximately 9.23% gain. The same as we are doing right now in August/September 2017. Now, don't get me wrong, I'm not saying that it always follows the same steps. Definitely not. But do the markets like round, equal, similar numbers? Yes. There is such a thing. Until humans are involved, that will be the case.
If you're looking to take a position on this, then I would say, now is about the right time. Any SHORT positions will be appreciated. For better results, use the Daily to confirm the trend and the Hourly to establish the position. Recommendation is to enter SHORT on the pullbacks to the upside. Your Stops should be around the previous highs of around 152.250 .
Happy trading and keep an eye on the price action!
What a drive up we had on this currency pair. I think it will continue even higher... But later... Now, we are ready for a bit of retracement, I think.
Probably, the most interesting part of this analysis is that we actually made the same percentage rise on the current rally as on the April/May 2017 one. It was approximately 9.23% gain. The same as we are doing right now in August/September 2017. Now, don't get me wrong, I'm not saying that it always follows the same steps. Definitely not. But do the markets like round, equal, similar numbers? Yes. There is such a thing. Until humans are involved, that will be the case.
If you're looking to take a position on this, then I would say, now is about the right time. Any SHORT positions will be appreciated. For better results, use the Daily to confirm the trend and the Hourly to establish the position. Recommendation is to enter SHORT on the pullbacks to the upside. Your Stops should be around the previous highs of around 152.250 .
Happy trading and keep an eye on the price action!
Comment:
Aiming for at least 38.2% retracement, around 147.300 .