GBPJPY 5- 9 July Weekly Outlook and Trade Plan - Daily Chart

GBPJPY

Previous Month : Bearish
Previous Week : Bearish
Previous Day: Bullish

Weekly: Still reacting to the formed Year High reached and the Weekly resistance formed on Jan 2018 but holding bullish weekly structure with June 21 Support formed.

Daily: Structure is solid bullish respecting every zone created during the bullish run since March 2020. currently we are holding support above daily zone low at 151.24 where price formed a solid support trying to push again to the 155 year high, but failed to hold above the broken support at 154.60 forming a lower high. On a daily short term view we are looking bearish with LL/LH formation. If we managed to close below 152.70 a retest to the lows at 151.50 is expected with more potential to extend the move down further.
A close above 154.00 will give the opportunity to test the broken support at 154.80 and 155 level. Holding support at these levels will indicate that retracement from the Year High is finished and we can expect a new year high to form after reaching 156.

4H: Structure still showing LH/LL formation which is keeping GBPJPY to the down side. With the completion of a TOL/Retest of the broken daily support at 154.20 and a resistance formation below will open for more down side.
No Major news for GBP and JPY during this week, but we have the G20 meeting on Thu and Fri, so would expect markets to have some reactions with any news coming out from there.

COT report showing GBP Longs are decreasing during the past 12 weeks while JPY Shorts are still strong. That will keep GBP/JPY to the upside.