Hi Peeps,
Personally, I don't like to trade this pair due to the current corona virus situation. However, if you look into the technical aspects of the chart, the trend line channel was indeed broken with a bearish confluence being the engulfing candle.
Bearish Scenario:
If price manages to break the support line as marked in orange, the next target would be 129.40 range. My personal trading strategy would include a sell Stop below 131.70 to capture some pips.
Bullish Scenario:
If price had broken the trend line for a false break off the trend line channel, it may move on to hit the 143.00 range as annotated in graph. I would love to place a buy stop back at the 134 range to capture a good trend up with a decent risk to reward ratio. At least 900 pips ;)
However, personally I do stand with the bearish scenario due to its strong bearish indication.
Disclaimer: This is not an investment advise but rather my thoughts on the price movement for GBPJPY . Do share your thoughts and your feedback about my analysis :)
Cheers
Pips Punk
Personally, I don't like to trade this pair due to the current corona virus situation. However, if you look into the technical aspects of the chart, the trend line channel was indeed broken with a bearish confluence being the engulfing candle.
Bearish Scenario:
If price manages to break the support line as marked in orange, the next target would be 129.40 range. My personal trading strategy would include a sell Stop below 131.70 to capture some pips.
Bullish Scenario:
If price had broken the trend line for a false break off the trend line channel, it may move on to hit the 143.00 range as annotated in graph. I would love to place a buy stop back at the 134 range to capture a good trend up with a decent risk to reward ratio. At least 900 pips ;)
However, personally I do stand with the bearish scenario due to its strong bearish indication.
Disclaimer: This is not an investment advise but rather my thoughts on the price movement for GBPJPY . Do share your thoughts and your feedback about my analysis :)
Cheers
Pips Punk