With over 500pips in our direction since my last publication on this pair (see link below for reference purposes); the GBP/JPY pair broke out of my Key level @ 139.500 on Thursday only for price to Breakdown this level to make an intraday dip to the 139.35 region on Friday which also coincides with Breakdown of trendline insinuating a temporary Downtrend in the following week(s) for me.
Tendency: Temporary Downtrend ( Bearish )
Structure: Trendline | Support & Resistance
Observation: i. The line drawn under pivot lows emphasizes the prevailing direction of price.
ii. Breakdown of 139.500 level after Selling pressure gained momentum in the last day of the week to close under.
iii. A retest/rejection of my Key level in the coming week might be a signal to look for in the coming week.
Trading plan: SELLconfirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:4
Potential Duration: 2 to 6 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Temporary Downtrend ( Bearish )
Structure: Trendline | Support & Resistance
Observation: i. The line drawn under pivot lows emphasizes the prevailing direction of price.
ii. Breakdown of 139.500 level after Selling pressure gained momentum in the last day of the week to close under.
iii. A retest/rejection of my Key level in the coming week might be a signal to look for in the coming week.
Trading plan: SELLconfirmation with a minimum potential profit of 250 pips.
Risk/Reward: 1:4
Potential Duration: 2 to 6 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and NFTI takes no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
NFT&I does not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
