GJ is currently recovering after being bullish for the past 2 days.
Personally I see 137.50 being hit evetually.
But we have to keep in mind other possibilities.
If the trendline holds and the GBP regains its bullish momentum then I see this breaking the previous high and forming a new higher high.
If not then this will be heading down.
GBPJPY Daily time frame, 136.000 zone has been tapped off
We have some MACD convergence
Going to wait for daily closure, a hammer formation / dragonfly doji would be ideal to see for buy orders to kick in!
1. This profile is for educational purposes ONLY!
2. The setups given are my own perspective of the forex market and by no means require action!
Our GBP JPY trade idea has now hit the final target and we will now see it test the 200 moving average on the 4 hours we could see a small retrace before the pair continuing bullish or we may see a breakout.
Trade on H4 chart: short for a re-test or await the breakout and go long targeting 146.700 - 147.000
As per the analysis on screen this is what we are seeing:
- Break and retest of daily trendline
- Impulse and then a symmetrical triangle formed on the 1HR / 4HR
We are now waiting for a lower time frame break and retest of this pattern for a sell.
Here we have a Descending triangle formed, this is a bearish continuation pattern and are formed in an overall downtrend, if you get the 4h chart up and zoom out you will see we are in an overall bearish market.
Descending triangles are a good signal, but we still have to watch and wait for a breakout of this triangle as nothing in Forex is guaranteed, a breakout...
Expecting GJ to continue down next week. Brexit BS to continue and dollar strength could continue as well.. GBP had signs of strengths this week. But, in my opinion it was just normal behaviour with whipping back scaring and crushing new sellers out.
We will see!
I've decided to look for shorts on GJ due to the pound weakness and the price stall around my monthly resistance.
Price action is starting to suggest that a shift in momentum could be in play and lower highs are being made.
First trade for new project.
I will be looking to grow a £500 account to £5,000 in the next 4 weeks. I will be documenting my trades on here to look back on as a memory and to prove to anyone that it is possible.
After this first project is completed i will then increase the starting balance to £2,500 and grow it to £50,000.... this is just the...