Uptrend has been going up for too long without a break. Time for some retracement, or possible reversal. Potential for 200+ pips profit
Looking at the 3 months time frame and we can see that we are at a strong supply zone! Also the fibs lining up perfectly. I'll be holding this position for long time since trading higher TF. Bank of Japan will mostly intervene coming days and we shall see a sharp drop by next Friday! We are trading at 2007 levels and extremely overbought.
The price is currently trading at resistance levels in all major time frames (4-hour, daily, weekly) Market sentiment is 90% short The divergence on the weekly chart gives us a better idea of the overall trend Stop loss 194.40, which is the fulcrum support for the daily time frame Profit level: 192.825 193.219 193.462 Good luck to you! !
Re entering this strong uptrend that just don't want to stop going up. I'm assuming this is another retracement, and the uptrend should make a new high.
I am neutral on the pair, if the price respects the resistance level, we will go short, if the price breaks the resistance level, we will go long and then retrace from the rise date
Bearish chart pattern Two consecutive peaks at similar levels Trough (retracement) between peaks Signals potential reversal from uptrend to downtrend
As price under construction ascending broadening wedge expect to fall pls like for support thank you
Long-term target based on the latest BoJ interest rate hike and signs of a positive outlook for Japan's economy. Technically the pair is scraping around .618 FIBO level which is 195ish - there's still some room to hit the level. 1st target = 170 (0.382 FIB) 2nd target = 160 (156-157 - resistance/support of the past price action).
Sell when price is HIGH - Buy when price is LOW Good luck.
#GBPJPY UPDATE Hey team we are here to update about GBPJPY. GBPJPY has breaked the main Ascending Triangle pattern. And getting here a good volume. We can see gain here upto 300Pips+ soon. Keep in touch we will update further soon.
OANDA:GBPJPY The pair is overbought and near resistance. Indicators show that the price has formed a peak. Fundamentally, after the BoJ decision to hike rates up to 0.1%, which was expected, the yen should recover, GJ should follow suite. The trade if the scenario unfolds will take a while
The GBPJPY is presently experiencing an upward trend and displaying bearish divergence, signalling a possibility of a reversal in the trend.
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According to the behavior of the price in the current resistance range, possible scenarios have been identified. It is expected that a strong upward trend will be created by crossing the resistance trend line
Daily chart: GBPJPY is currently in the 194.762 -194.974 key resistance zone from a technical perspective. If the price does not break the 194.974 level, a bearish pattern will be activated. Consider selling in the red zone. >>GooD Luck 😊 ❤️ Like and subscribe to never miss a new idea!
I like the long idea here. If the current day can form a Bisi, that would be fantastic. After that I would just be looking price to trade back into the Bisi, into one of the key Breaker levels annotated, at the right time of the day, then STRIKE. The highest-probability target would be the recent high, and the next discretionary target would be my Wick Chair...
At least for me, GJ clearly looks still bullish. Will catch a piece of the continuation upwards, by entering at this retracement. Exiting early at breakout, for safety. It's too late in the trend to let it run