FX:GBPJPY   British Pound / Japanese Yen
At the moment we price is currently in a strong support and resistance zone ( green box ) In the trading week ahead we will be looking at 2 possibilities.
1. Price breaks out in a bullish manor and makes a run up to our 1st TP zone 146.800 ( 270 pips ) which is previous resistance with the possibility of making further bullish movement and reaching our next TP area ( 400 pips, also previous support )

2. Price breaks out our zone and makes a bearish run down to our support level and TP of around 280 pips.

Now this is a swing trade so expect to hold it over the whole week, but we should get some rather impulsive moves as in Japan it is "Golden week" this is an extended holiday so there will be low liquidity involving all pairs during the Asian trading hours. This low liquidity can cause extreme market movements and flash crashes and seen before on 3rd January 2019 with JPY cross pairs ( get your chart up and have a look )

We are going to try and use these sudden big movements to our advantage and hopefully hit our target this week, We also have high impact GBP news on Monday morning and on Thursday we have 4 lots of high impact GBP news, so add this with the low liquidity in the markets we could see some crazy moves... Fingers crossed ;p

Obviously trade with caution and use correct risk management!
A couple years ago I tracked CADNOK (1D) where price had rejected a support level some 9 times in succession. So your GBPJPY (1D) chart may well do the same as it's only hit there 4 times. 147-ish is a key level showing cross header resistance. See chart below. My overall expectation is eventually 141 - but of course I can't say how quick that might come, if at all.
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ApexFX_Pro Captain_Walker
@Captain_Walker, great minds think alike 😉
I am expecting to see quiet abit of movement with this pairing this coming week.
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@ApexFX_Pro, Having reviews stuff on Golden week, I think south is more likely.
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ApexFX_Pro Captain_Walker
@Captain_Walker, you could be correct, we will just sit back and wait for confirmation before we jump in like a sniper and snack on some pips 😉
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@ApexFX_Pro, I could also be wrong. The trick is in limiting how wrong I am relative the market. I don't do confirmation as it is a bias - but it's fine for other people.
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ApexFX_Pro Captain_Walker
@Captain_Walker, We don’t normally wait for confirmation as this is a retailers way of trading, the banks just enter at key levels and as you know the banks are the ones who control the market movement, but as this is sitting rite at support we just want to make sure of the direction as the markets could make some crazy moves with this “golden week”
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@ApexFX_Pro, There's also the problem of whipsaws due to high volatility after so-called confirmation. I'm sure lots of traders have taken confirmations and got fried, by price reversing madly. This the classic with scallop formations. Anyways, I don't tell people how to do their trading or what to think/do. I learn from everybody.
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