GBPJPY - STRONG SUPPORT + Double Bottom + 50ema Bounce
After we finished last week with a HUGE bullish pinbar on the GBPAUD (see: www.forexvader.com/2...-of-the-week-gbpaud/) , it looks like we might be able to ride the GBPJPY up too, with the confluence playing in our favour.
The GBPJPY has been retracing in this descending triangle since Dec '14. Having been rejected from the 176.5 Support and the 0.618 retracement previously, price is now back at this level and with the Weekly 50ema joining the support, we could be set for a nice bullish movement. Looking at the daily we see an Inverted Hammer right at this level, a classic reversal candlestick.
Timing your entry on the daily, a Stop Loss below the 176.50 support should provide protection against any bear correction movements. Eyes are set on 182.50 for the first profit target, where price could intercept the current trend line of the descending triangle. If price breaks through this resistance than I'll be looking to target 190.00 for the upside.
If you see anything else on this pair supporting this potential bullish movement then please feel free to comment and share!
For more like this and other market analysis (both technical and fundamental) please visit our site www.forexvader.com where you can also learn our very simple and easy to implement techniques.
The GBPJPY has been retracing in this descending triangle since Dec '14. Having been rejected from the 176.5 Support and the 0.618 retracement previously, price is now back at this level and with the Weekly 50ema joining the support, we could be set for a nice bullish movement. Looking at the daily we see an Inverted Hammer right at this level, a classic reversal candlestick.
Timing your entry on the daily, a Stop Loss below the 176.50 support should provide protection against any bear correction movements. Eyes are set on 182.50 for the first profit target, where price could intercept the current trend line of the descending triangle. If price breaks through this resistance than I'll be looking to target 190.00 for the upside.
If you see anything else on this pair supporting this potential bullish movement then please feel free to comment and share!
For more like this and other market analysis (both technical and fundamental) please visit our site www.forexvader.com where you can also learn our very simple and easy to implement techniques.