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
We are seeing a consolidating price action on GBPJPY during the last 4-5 weeks. And, this is quite expected. GBPJPY has rallied close to 1700 pips from the lows this year and in my opinion, the recent consolidation will soon lead to another rally. From the chart, I would like to point out 3 things: (To receive signals, ideas and updates, don't forget to check...
After a bullish breakout of the decending channel, price has formed a nice textbook style flag pattern which will break towards the upside. Target is based on next resistance which is a confluence with Fibonacci Retracement.
GJ is doing a nice bullish flag, we can buy the strong break out for a 1:2 trade! very easy set up! Do not miss it!
GBPJPY has been on a major sell off for a while. I anticipate for the sell to continue after we get a bounce and breakout from this down trend. Im expecting support to hold and take us to 143.5-144 Region. There we will begin to sell off again. Good Buy opportunity for next week. Not financial advise. Trade safely :)
Before previous week end we saw GJ do a further push up before market closure. Upon new week opening we could see a minor pullback before another push higher than the previous high and might be able to see a new higher high during the upcoming week. I want to see clear confirmation of a pullback before making any decisions yet.