GBPJPY - Bullish run is not yet done!

All GBP pairs tumbled as PM May announced that a no deal in Brexit negotiations is better than a bad deal.

GBPJPY broke a downtrend line but also met some resistance at 149.70 and reversed from there. It is now trading at 147 area. Let us see if we will get a retest of broken structure. If price doesn't break through the lower red box, look to buy.

Aggressive traders can enter now, stop loss at around 146.30 (70 pips) and target 149.40 (240 pips)

Good luck!

Comment:

First take profit level could be at around 148.20.

Comment:

Because of recent Brexit developments, kindly keep the SL tight and set it around 146.60 (40 pips) and wait for a better entry to long should you get stopped out. Better area to open long if the price breaks the trendline might be somewhere around 146.20. Apologies for the aggressive entry

Comment:

Apologies, the chart above is GBPAUD for my other idea. This is for GBPJPY. Sorry for the confusion.

Comment:

Update on GBPJPY 1-hour chart

Failure to break the trendline might push up the pair to 148.40-60 (50% and 61.8% retracement) and form a right shoulder to complete a head and shoulders pattern before starting bigger leg down to around 145.

Let me know what you think!

Trade closed manually:

Close trade in small profit or move SL to breakeven, JPY strength might be coming in soon.

Comment:

Close all GBPJPY trades now in good profit. :)