Synapse
Short

GBPJPY - Another massive sell off on the horizon

FX:GBPJPY   British Pound/Japanese Yen
603 10 11
Greetings Fellow Traders,

If you've followed my analysis for GBPJPY             I've been pretty bearish for the long term for some time now, I was recommending sells near the 184-186 area down to 175 or lower if that were to break. Well, 175 did break and we saw 164s. Recently there was a massive surge back to 175 that I know many of you were able to successfully trade with my chart analysis.

175 has held it's ground very strongly - as expected, former support becomes new resistance in addition to the bearish strength provided by the red line. I will remain bearish on GBPJPY             and recommend selling any rally that comes close to the bearish trend strength (red line) If we manage to get a close below the blue line, the bullish trend strength...Look for selling opportunities likely to hit the mid 150s in the coming weeks.

I've indicated potential price action for the upcoming week, we closed this week basically on the blue line - so it's hard to say exactly where we will start. Bias for now is recommended to sell any rally.

This move will also coincide with USDJPY             falling below the key 116.00 technical level I have already written about.

Feel free to comment/like/follow.

nice setup Synapse here is my look
POSSIBLE SHORT TARGETS
+1 Reply
Synapse GoodLuckbabe
Looks like the market is moving a bit faster than what you have indicated, but I agree with the overall setup! Thanks for sharing :) Good Chart!
Reply
yes bit faster
+1 Reply
Been looking in over the last few weeks Synapse, great call on the 175 off the 164.5. Have been trading this pair since Sept 14, with good success. I agree on the short side. I re-entered my short at 170 with my initial target at 155.50-155. Longer term looking to target 122.5-120. This market usually respects round numbers. Good trading.
+1 Reply
Synapse dewpoint
Ambitious targets long term! I agree with 155 area right now, but 120-122 is a looooong way off if we are headed there. Good luck and happy trading, thanks for sharing.
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Dewpoint is wright GBPJPY can go up to 122 or 120 as we know BREXIT risk is increasing and i think pound will not stable until we have referendum decision out there as i am following GBPUSD right from the 1.71 and we can see GBPUSD is making new lows this fall started from the SCOTLAND independence referendum before this referendum GBPUSD was making yearly highs and i think GBP will remain under high pressure in this year.
+1 Reply
Synapse GoodLuckbabe
I never said he was wrong, it's just a very ambitious target at the moment, if it does end up happening there will be plenty of trade opportunities along the way. I do not trade news or speculate on what news is coming, I am a pure technical trader.

For those that are unaware what imranafzalmughal4 is referring to, BREXIT or BRIXIT (British Exit or Britain Exiting) is a term that first appeared in 2012 regarding whether or not Great Britain would retain it's membership with the European Union. While the term BREXIT first appeared in the middle of 2012, it is not the first time Great Britain has sought this. In 1975 they held a referendum on whether to stay or go, at that time it was called the European Economic Community; a lot has changed over the last 40 years. In January of 2013, Great Britain's Prime Minister said that if he were to be re-elected in the 2015 general election, definite steps would be taken on a referendum for a BREXIT BEFORE 2017.

Prime Minister David Cameron did win the 2015 re-election, and if you might recall - when this happened British Pound soared in value, the same reaction that was had when Scotland decided to stay. Referendums in Britain are typically held in May and September, and it seems likely that we will see additional measures come to light in the coming months. Great Britain feels that the European Union is greatly hindering it's own personal strength, and the BREXIT isn't a sign of weakness but a look for them to seek their own independent strength.

I've gone ahead and found a fantastic article that goes significantly more in detail on this topic if you'd like to read about it: http://www.bbc.com/news/uk-politics-32810887

I will continue to trade my charts :) As no matter what the outcome of any referendum, our charts will show us whether people have decided to buy or sell their British Pounds.
Reply
very informative Synapse thanks for this i also dont trade on news this was just my opinion it might be wrong and i was not saying that you said he was wrong i was just endorsing his opinion and we both migh be wrong i am agree with you 120 is far far away and very very ambitious target at the moment.
+1 Reply
Hello sir, please review again your analysis for market now..!!!
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You know, that has come down from 163.98 through 159.xx. However, there reversal back to 165 at this time, how this happens in just 2 days, very deep correction. please prompts.
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