PriceActionTrading
Short

GBPJPY AT MAKE OR BREAK LEVEL

FX:GBPJPY   British Pound / Japanese Yen
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5
234 13
CURRENT CONFLUENCE
PRICE AT PREVIOUS SUPPORT TURNED RESISTANCE
FAILED TO CLOSE ABOVE THIS LEVEL MULTIPLE TIMES
REJECTION FROM 50% FIB
50SMA H4 ACTING AS RESISTANCE

PRICE AT MAKE OR BREAK LEVEL.
IF PRICE CLOSES ABOVE 178 ON THE H4. TRADE IS INVALID.
TRADE ONLY VALID IF THE CURRENT H4 FORMS A REJECTION PIN BAR AT 178.00.

NOTE
W1 GBPJPY REACHED 50SMA SUPPORT. BEARS WILL BE OUTMATCHED BY BULLS AT THAT 50SMA
RECOMMEND CLOSING ALL SELL TRADE NOW.
JPY PAIRS GAINING STRENGTH AS SEEN FROM NZDJPY. GBPJPY WILL FOLLOW SUIT DUE TO CORRELATION REASON.
BULLS ARE GAINING AGAINST THE BEAR.

CURRENT ANALYSIS OF GBPJPY IS TRIANGLE FORMATION AWAITING UPSIDE BREAKOUT.
BREAKOUT WILL BE STRONG ONCE IT BOUNCE UPWARDS THE D1 200SMA AND W1 50SMA.
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workingtraders PriceActionTrading
Leaning long now?
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IvanLabrie workingtraders
Might be flat for a while, it completed a 5 wave move down recently.

Price under 200 dma, under cloud, lagging line under price, Nikkei topping...I'd rather focus on usdjpy for a short though, but this one might have wings soon.
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IvanLabrie IvanLabrie
Ample room to fall:

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workingtraders IvanLabrie
I agree on UJ. Just not sure how much room it has to the downside. Hard for me be bullish on yen.
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IvanLabrie workingtraders
Well the same can be said about the Euro. The chart is wildly different in the case of gold and nzdusd...the yen might have one last wave down before a larger scale reversal, the same way the euro probably does.
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PriceActionTrading workingtraders
Sorry for late reply.
I am not leaning long. but I am DEFINITELY not going short unless strong H4 bearish rejection pattern appears. which i will update again in a later post

Price broke out and closed outside of the H4 inside bar. which tells me there may be a reversal coming thus i closed my sell.
Anyway, this pair requires confirmation and retest before entering long. And IMO not the best pair to trade at the moment.

My chart for reference
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IvanLabrie PriceActionTrading
Agreed, not the best yen pair to trade, or the best pound one for now.
Much juicier setups...
IF and when it falls, it'll be pretty epic though.
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Agreed. Looking at a sell @ EURGBP and EURUSD now.



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IvanLabrie PriceActionTrading
Similar boat, but I'll wait for the larger liquidity to enter the market and push eur higher before selling. Might shoot up to 1.13+- in a week or two.

Keep an eye on usdchf, I get the following target, which if not reached in time will give a great long entry:

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