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.
the pound has been doing very good against the yen with breaking new high since start of the year, looking for it to break recent highs and break and retest with a good risk to reward ratio a nice head and shoulders pattern is forming.
A rough idea for a GBPJPY sell for a nice risk to reward scenario, however a break above signals a bullish move.
Thanks for looking at my idea and I welcome any comments on how to improve my analysis, cheers.
From my analysis, JPY is ready to fall and couple of currency pairs could gain while yen is taking its bite. Currency pairs to watch include: EURJPY, NZDJPY & GBPJPY. CHFJPY has led the pack already, but a pullback to support might not be a bad trade either.
My 2 targets entries for EURJPY are 121.920 and 121.360 with a stop loss placed 10 pips below June 3 low....
USDJPY is showing some great bullish potential and is currently consolidating ( trading sideways) and creating bullish divergence.
I will be looking for a bearish retracement of 50% of the bullish impulse move ( point 1 to point 2). Should price moved towards this zone, I will be going long with 1% capital risked.
Considering price is consolidating as such,...
We’ve seen a 100 pip consolidation range for the majority of this week, price broke the bullish trend line mid-august dropping down to 140.00. We’ve seen a retest of the bottom side of that trend line over the course of this week which is the 142.50 mark (its held firm) we are now also seeing the start of a new bearish trend line created from the last 147.50 hit...