The market may move in either two directions:
1. if the candle closes below 152.9 the target is 148.9
2. if the candle is closed above 152.8 and the price is increasing the target is 157.43
THIS IS JUST FOR EDUCATIONAL PURPOSE. THIS ANALYSIS IS NOT FOR FINANCIAL PURPOSE.
Things to consider:
1. Channel formation on daily timeframe
2. According to COT data GBP is Neutral and JPY is shortening
3. Down Momentum Started
How to enter:
1. Sat and Sun is off so entry will be done on Monday
2. SL - 152.6 TP - 150
3. Follow my analysis
ALL THE BEST!
GBPJPY is currently sitting at 140.000 , a significant key area in the market and on the 1HR time frame we can see market forming a triangle pattern. Market now is squeezing more tighter and we can see a possible break to the up or downside.
For entries we have two different levels marked in pink area . We can get a possible entry on these levels with...
The 4 hour right is down against 12/13/2019 peak (147.93) & shows a bearish sequence. 1 hour is turning down against 135.46 high. Near-term, while bounces fail below 135.46 high and more importantly below 147.93 high expect pair to extend lower.
Target 1- 130.50
Good luck !