GBPJPY is in a strong uptrend so in my point of view we need to see a pullback to this area of value and to see some sort of rejection hope you like il be glad to see your opinion about it
I'm still a beginner though if you want to give some advice il be happy.
The previous trade I posted on this pair went very well and hit TP. This is now at a large resistance level and has been overbought so I want to see a retrace before taking another position. RSI is showing overbought on daily and weekly timeframes. There is a chance to open a short trade but I will not be taking that trade personally as I do not like trading...
Looking like weakness in JPY and strength in GBP at the moment which combined should push this higher. We are currently at resistance and price is looking bullish so i expect this to push on. MACD and EMA's suggest this is only going up. Targeting the previous high of 147.961. SL just below support.
I had already highlighted the two potential setups, buys were preferred as the traffic above to the left was much cleaner to our target at the next resistance zone.
Price broke above resistance on the 30m timeframe and before entering, I waited for support to form on the 15m timeframe.
Support then formed so my next job was to wait for a confirmation for my buy...
We already highlighted the possible options earlier. As we broke resistance and formed support, we executed longs with stops below the current 30m candle. Price ran for 10 pips before we secured profits and moved stops to BE. We then got stopped out at BE after that, so it was a good trade.
This morning price broke support at 136.050 and we waited for resistance...
Today is the first Asian session of the new month. We have some decent options for GJ tonight.
1) If the current level is held we should see GJ move up to resistance at 136.450
2) If we see a break of 136.450, wait for support to form on lower timeframes to validate buys to fill a 35-40 pip range
3) If we do not hold the current level or we break it later...
GBPJPY - We have a downtrend closing in on the support level. Will be waiting for a break or a bounce from the trendline resistance here. If it is a break and retest I would go Long, I would have 3 TP's: 48 pips, 75 pips & 114 pips and SL would be 20 pips. Small SL because I don't really want to stay in the trade if it goes back into the wedge.
Expecting a break of structure past the 137.900 (previous HH) level to the completion of the bat pattern at 138.600 which is within the 88.60% and 1.618% point of the D zone.
From there I will be expecting a minor retracement (50.00% or 61.80%) to TP1 which is point B of the pattern, from there I will be looking for signs of a trend continuation to enter long...
I am demo trading and documenting my progress. This is not intended to be a sell signal !
Ascending Trendline Structure on 4H
Possible Retest of 1H Resistance - Sell prediction on 4H with SL set at 2HR Inside Channel
Sell Limit - 144.800
SL - 145.500
TP - 142.500
143.581 - 143.379 is a lovely zone, you can see where price entered it and bounced bearishly ( to the downside, orange arrows ) and bounced bullish ( to the upside, purple arrows )
You can see the importance of this area, its like a sh#t city, nobody wants to stay or live there but you have to pass through it to get to where you want to go.... The candles are...
GBP JPY, I simple trade. I want to put a clean and simple chart , so I decided to just show the directions! However, If you would like to know and learn how we analyse this pair, Please drop up a comment!
At the exact moment this pair looks that will reverse back to 143.604 and then the sellers together will take the price of the pair to South !