As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=139.8.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=140.55.
TP4: R2=141.15.
Set the stoploss of these orders at breakout of S2=139.55.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=140.15.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=141.2.
TP4: R2=141.4.
Set the stoploss of these orders at breakout of S2=140.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
As we forecast uptrend for this day, so Forecast City suggests buy (limit) above S1=144.95.
But the short term forecast is range bound, so we expect to reach the following targets:
TP3: R1=145.9.
TP4: R2=146.35.
Set the stoploss of these orders at breakout of S2=144.75.
Stop and reverse:
If trend gets reversed, sell (stop) orders will be opened at breakout of...
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
GBP / JPY is very close to where a fall may occur. The pair is currently in a descending triangle pattern. The buying force was amortized by the downtrend line. With the arrival of the bears with the selling force, a low candle was formed. We expect the bear kick to be strong enough to send the pair close to the support level.
- Price touched a few times...
GBP/JPY is currently stalled in a descending triangle pattern.
The recent upsurge has been capped by the resistive trendline.
It faced rejections initially but now formed a follow-through bearish engulfing candle.
Hence, we expect the bears to hop in here and send the pair spiralling down to the support level of 143.833.
The counter is brimming with bearish signals technically.
In the price action front, the pair has formed a double top pattern and broke its critical support of 146.327 as well.
A bearish trend line drawn from the highs is also pushing the price downwards.
In the indicator front, the RSI has formed a head and shoulder pattern in the hourly chart. The neckline of...
GBP/JPY is currently trading in its 10-day high after forming a double bottom pattern.
It surpassed the critical resistance of 146.496 as well with a strong bullish candle and is consolidating for now.
Hence we expect the pair to continue its momentum and rally to the resistance at 148.411.
The British Pound (GBP) vs. the Japanese Yen (JPY) is a highly volatile pair. JPY is often used as a funding currency of a trade because it’s historically a low yielding currency. Since UK is one of the larger economies in Europe, the GBPJPY pair can be considered as a proxy for worldwide economic health. On the other hand, this pair performs like a representer for market 'risk-off' moves as the carry trade gets reversed. As a result, GBPJPY is able to develop strong trends that exceed thousands of pips.
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