GBPJPY | Perspective for the new week
Heading into the new week, it is obvious that the GBPJPY overstepped its two-day high and has crossed the critical resistance of 164.00 towards the latter part of last week's trading session to set the tone for a bullish expectation. Coupled with the key level @ 161.5, the bullish trendline identified on the daily timeframe shall be my guide to a bullish potential in the new week.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Risk Disclaimer:
Margin trading in the foreign exchange market (including commodity trading, CFDs, stocks etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade active:
I am in on this one right above 165.650 and there is a possibility of a correction which could welcome a position to add a position. However, If we witness a breakout/retest of 167 area then that will be another confirmation for entry
Comment:
I am looking forward to taking advantage of the trend continuation at the break above the new key level at the 167 area
Comment:
After an unsuccessful breakout/retest of the 167 level; It appears we are witnessing a retracement of the impulse leg hence I want to see how price reacts to the bullish trendline which shares a confluence with the neckline at 164.000 where a possible reversal pattern could signal a trend continuation.
Comment:
If the price does not go below 164.600, get ready for re-entry
Trade active:
Be on standby for re-entry
Comment:
Running in profit
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