We have been focusing on JPY for a while now and after the spike last week, we may be seeing a reversal finally happening. GBPJPY appears to be in the perfect place to reverse (see bigger timeframe chart below).
For confirmation, will wait for a break of the ascending correction.
Good luck and trade safe!
+Higher timeframe suggests its testing a support area of an ascending channel and daily support Bullish above 148.00.
-Retail Sentiment has recently flipped bullish (when trading sentiment you take the contrarian view)
-Very bearish last week
-Bearish lower time frames
". There is still a possibility of temporary retracement to suggested resistance line (151.07).
if so, traders can set orders based on Price Action and expect to reach short-term targets."
. GBPJPY is in a downtrend and the continuation of downtrend is expected.
. The price is below the 21-Day WEMA which acts as a dynamic...
Entry details are shown on the chart.
We're only looking for TP3.
Trade history can be seen below this trade idea too for full transparency.
I try and share as many ideas as I can as and when I have time. My trades are automated so I am not sat in front of a screen daily.
Jumping on random trade ideas 'willy-nilly'...
The long awaited GBPJPY short is here. Look for confirmation via break of trendline and retest and hold this badboy! This could be a really aggressive move as we're expecting JPY strength and GBP weakness.
See links below as to why we're expecting JPY strength and GBP weakness.
Goodluck and trade safe.
Hi guys, due to a few circumstances i was unable to post much last week about any positions that were taken throughout the week.
However we did have a beautiful week on the markets here at forexinsightsuk and i will update all positions that were taken on my next few posts.
Monday we took a position on GBP/JPY which took a little while going into profits, but we...
. There is a possibility of temporary retracement to the suggested resistance line (150.35).
. If so, traders can set orders based on Price Action and expect to reach short-term targets.
. GBPJPY is in a range bound, and the beginning of a downtrend is expected.
. The price is above the 21-Day WEMA, which acts as a...
Coming to a key area. We are now at Feb 2020 prices, pre Covid pricing.
Has the pound really recovered to pre Covid levels?
Here's the outlook, clear technicals. Bullish structure, HH's and HL's within the Ascending Channel.
Looking for a pullback before, probably a further push through that resistance.
As long as price has not reached the resistance 142.700, (It may even go a bit higher now and just touch the line 142.700 but not pass it.) I predict a downward move for GBPJPY afterwards.
So if a downtrend starts, then we can set two targets:
Share your thoughts please. I'd love to read your comments.
Happy New Year everyone
GJ very choppy with brexit on the lower timeframe so we're looking on the daily here with the current structure noted.
Buys on the third touch of the trendline or with a closure above 139.00 and the 61.8% fib area.
Sells if the trendline is broken and the 38.2% fib also broken.