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...
Looking at the H4 Chart once the it hit 143.50 with indecisive candle it formed a high probability setup for bearish trend.
Looking forward to 141.50 or below by this weekend.
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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:
TP3: S1=142.05.
TP4: S2=141.25.
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
GBPJPY Analysis: Price sold as expected and is currently below resistance zone price 143.292 and underneath trend-line. We expecting price to reach support 138.221 Long-term daily timeframe
From our analysis, GBP/JPY breached out of bearish pennant flag pattern it will be expected to down more. The price can reach @ 139 considering long time.
From our analysis GBP/JPY failed to break 4/8 @150 value murrey math line which can potentially retest 2/8 and later then test 0/8 murrey math line @ 146.880 price next week target
