Possible another ride to the downside
Analysis
GJ touched 4H trendline and bounced multiple times last week (Friday) however failed to rise creating higher highs since the fall on Thursday which seems to have topped.
Since the support trendline was not broken, it is still technically supported to have another go to the north.
Intraday News
There's no red folders for JPY specifically next week, however pretty busy week for US and other majors with relatively quiet start on Monday and Tuesday before US session on Tuesday.
Liquidation
Price may rise up to 161.768 area to take liquidity and then fall back down as it faces strong weekly/daily trendline resistance which was broken and respected in the past few weeks.
Support Consideration
immediate support at 160.772 area
next major support at 159.507 area
Resistance Consideration
immediate resistance at 161.025 area
Strong supply/resistance area at 161.768 area
Entry
I would sell from 161.768 area if it reaches, if not, look for the 4H support trendline to break down and then enter once it's broken
SL
above 161.768, safer to be around 162.370
TP
Immediate target to be 159.507 this week with possible potential to drop to 157.752 area
Trade Invalidation
Trade invalidated if rises above 162.370
Expected Pips
100 - 400pips on weekly analysis. Note: This is weekly analysis. I'm a day trader/scalper. You know what it means!
Expected Delivery
This is weekly analysis. This is weekly analysis. I'm a day trader/scalper. You know what it means!
Alternative Scenario
If 4H trendline remain respected all the time, and price keeps bouncing back up till above 162.370, then GBPJPY resumes it's uptrend for higher highs. (With current weak UK economy and ought to action Japan monetary policy, I don't see it happen easily)
Disclaimer:
Chart is static market is not. No financial advise is given here. Your money your own risk. :) And Good luck.
I'm a day trader/scalper. You know what it means!
GJ touched 4H trendline and bounced multiple times last week (Friday) however failed to rise creating higher highs since the fall on Thursday which seems to have topped.
Since the support trendline was not broken, it is still technically supported to have another go to the north.
Intraday News
There's no red folders for JPY specifically next week, however pretty busy week for US and other majors with relatively quiet start on Monday and Tuesday before US session on Tuesday.
Liquidation
Price may rise up to 161.768 area to take liquidity and then fall back down as it faces strong weekly/daily trendline resistance which was broken and respected in the past few weeks.
Support Consideration
immediate support at 160.772 area
next major support at 159.507 area
Resistance Consideration
immediate resistance at 161.025 area
Strong supply/resistance area at 161.768 area
Entry
I would sell from 161.768 area if it reaches, if not, look for the 4H support trendline to break down and then enter once it's broken
SL
above 161.768, safer to be around 162.370
TP
Immediate target to be 159.507 this week with possible potential to drop to 157.752 area
Trade Invalidation
Trade invalidated if rises above 162.370
Expected Pips
100 - 400pips on weekly analysis. Note: This is weekly analysis. I'm a day trader/scalper. You know what it means!
Expected Delivery
This is weekly analysis. This is weekly analysis. I'm a day trader/scalper. You know what it means!
Alternative Scenario
If 4H trendline remain respected all the time, and price keeps bouncing back up till above 162.370, then GBPJPY resumes it's uptrend for higher highs. (With current weak UK economy and ought to action Japan monetary policy, I don't see it happen easily)
Disclaimer:
Chart is static market is not. No financial advise is given here. Your money your own risk. :) And Good luck.
I'm a day trader/scalper. You know what it means!