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.
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!
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out