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...
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!
GbpJpy H4 chart - I prefer swinging longs on this for the next few weeks targets 155 and a decent risk to reward.
This can either go two ways right now. Either it will explode through The yearly high/ resistance around 152.8, or it will complete the simple M formation and stay within this trading range. I'm guessing if it goes back down we can expect 150.00 before the end of the week. If it closes about 152.8 by daily close I expect more upwards movement toward 160.00 invst.ly
Price Action says it all, no need for Explanation.
GJ swing offer setup 28th Sept 2017 Entry: 151.000 SL: 139.000 TP: 145.000 Good luck!