This pair looks healthy for an upside push before we see a strong bearish sell-off. My first upside target would be the imbalance fill, the second target is the previous high.
Once we see rejections at these points we can flip the bias to sells and look for long term bearish trends.
This is my view on this pair for the next few days
I remind you that this is only a forecast based on what current data are.
Therefore the following signal will be activated only if specific rules are strictly respected.
If you follow my strategy you will be able to identify the right filters and triggers to...
I believe that we can utilise the NFP data and the liquidity spikes as a good entry point to get involved In some long-term short positions. Once we eliminate the previous high point, I am expecting a severe collapse.
Sentiment Data - 56% Short
This pair is yet to tap into the low of the Asian Range, although it is trading within its most recent order block, I do think it is likely that a sweep of the lows will come before we begin to target some upside levels.
According to market sentiment 55% of retail is selling GBPJPY.
GBPJPY WEEKLY FORECAST. Starting on the weekly Chart! Last week one of my key areas for price to have a reaction was hit. I am expecting on the weekly chart to have a pullback as PA has been pushing up for the past 12 consecutive weeks.
GBP/JPY Has been great to trade the past few months sticking with Our MAJORS CURRENCY HEAT MAP which we update daily & share for FREE.
We have been able to focus on one side of the MARKET at just being a BUYER of this PAIR.
There has been no reason to look for SELLING this pair as JPY has remained at the bottom of the MAJORS along with CHF, for a good while...
GBPJPY Has been a great pair for is to trade on the LONG side over the past few months.
Our CURRENCY HEAT MAP has kept us from selling any GBP.
JPY has consistently given us a SELL BIAS and so pairing up these two majors good opportunities have been given every WEEK to BUY GBPJPY
Check our previous ANALYSIS on this MAJOR & see how we did for yourself.
The most recent high got purged aggressively before reverting back below the structure. I would like to see price hold below the line marked to follow the arrow down to a lower timeframe order block.
This could present a small fade opportunity on this large upwards trend.