TipTVFinance

GBP/JPY - Neckline stands exposed

FX:GBPJPY   British Pound/Japanese Yen
Pair's bullish closing above 160.41 (23.6% of 188.81-151.64) yesterday followed by a rebound from the same today means the inverse head and shoulder neckline at around 162.20 stands exposed.

As mentioned in the GBP/USD             Outlook, the pair has breached the long-term falling trend line on closing basis yesterday. Hence, there is every possibility Cable would rise, taking the cross higher with itself.

The other side of the story..i.e Yenis also in support of further rally in cross, given the hawkish Fed minutes and rise in June rate hike minutes is likely to hurt Yen more than GBP.

The only risk to the outlook is return of Brexit fears. As of now, markets aren't concerned about Brexit.
Last leg reached the 161.8% extension, ready for retracement
possible entries for attempt to break the neckline, i beleive it has steam to reach the 38.2% on the D1 and then see where the trend is going... two trade setups on the 1 - 4 hr.. short to retracement levels and then long for the 127% and break of neckline!
Reply
Ideas Scripts Chart
United States
United Kingdom
India
España
France
Italia
Polska
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Forex Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Account and Billing Sign Out