Okay so, gbpjpy formed a W pattern on the daily chart and whenever such formation happens we want to see the prices to test the neckline of the W.
So, we will be looking for a short position if the rules of our strategies satisfied. I also suggest you to keep this pair on your watchlist and see if your rules satisfies...
Plus from COT data we want to see a...
I'm looking for potential shorts for this pair from now, previously my bias was bullish thus had taken a trade and i think it'll hit my TP.
Now as we see there is a bearish rising wedge so we can expect a bearish move from now.
the daily right side is down against 156.78. The 4-hour right side is up with a bullish sequence against 131.71. While above 138.20 where the hourly right side is up with a bullish sequence it can see a swing higher toward 147.38 before ending the cycle up from the March lows
Good luck !
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...
Have a great week ahead,
Pound against Yen, is trending upwards towards the resistance of 134.400 and the support of 134.870 in the starting of the week, and expecting the trend will be bearish till the major resistance of 133.600..
Note- Weekly price action analysis based on technical..movements subjected to change also
The 4-hour turning down with a bearish sequence against the 6/05/2020 highs at 139.74. The 1 hour is turning down against 134.69. While below there expect the pair to extend lower.
Overall GBPJPY has bearish trend.What we can see this week is if there a rejection at current support level the price will get back to 135.00 . However the price couldn't cross at 134.00 in the previous week after multiple attempt. so if the trend continuous we can expect is the price coming down to 129.50 for sure by this Thursday or week close.
The 4 Hour is turning up against 126.50 low from 8/11/2019. The cycle from there in wave (A) ended at 148.07 . While above 140.79 where the hourly is turning up a bounce to correct the cycle lower from there can develop. While below the 148.07 highs another swing lower in wave (B) to correct the cycle up from the 8/11/2019 lows can be seen. While above there...
As we forecast downtrend for this day, so Forecast City suggests sell (limit) below R1=143.4.
But the short term forecast is range bound, so we expect to reach the following targets:
Set the stoploss of these orders at breakout of R2=143.6.
Stop and reverse:
If trend gets reversed, buy (stop) orders will be opened at breakout of...
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GBPJPY Analysis: Price continues selling as expected and broke our support zone price 138.221. Price is still underneath trend-line and resistance so we expect GJ to reach next support 135.964 Long-term daily timeframe