GBPJPY OUTLOOK. Price has broken out of the bullish channel and retested twice however it is struggling to break away due to a big area of resistance. If price bounces off the second retest and breaks resistance we can see price continuing up to the long term downtrend and 200ma at 142.
EURGBP has broken through the long term uptrend and therfore fallen on friday afternoon. Price reaching a pivotal area of support and resistance so we can see it bunce or break this area early in the week.
Short on EURJPY as we have hit resistance multiple times on the 1hr. We could see a fall and repeat of the previous where price fell hard and hit the 200 ma. Small sl of around 20 pips set just above resitance giving a huge R:R ratio of 9 if tge trade is successful.
Trade entered previous and in profit however if we break this area of support we should see further fall down to the longer term uptrend line. Opportunities still to enter after a nice break of support
Weekly sell forecast didnt play out however monday’s daily candle closed as a big morning star. We also have bullish engulfing 4hr and 1hr candles so i believe price could be reaching for the larger term downtrend.
EURJPY Short idea: Price has formed a nice flag pattern. We have broken through the bottom of the flag and have seemingly broke through and retested an area of support and resistance, therefore we could now see the pair have big bearish run down to a much lower price throughout the week.
Trade explanation: GBPUSD broke the 1.2516 resistance and retested so i bought at the retest. Currently running around 100 pips with the TP around 1.265 which is a longer term downtrend and should be where price meets the 200ma. At this point i will look at a sell or buy depending on price action.