charts247
Short

GBPJPY DAILY REVERSAL AT SIGNIFICANT LEVEL

FX:GBPJPY   British Pound / Japanese Yen
GBPJPY:-
DAILY ANALYSIS: THE TREND IS UP AND IDEALLY WE WOULD LIKE TO BUY THE PAIR.
BUT THE PRICE IS TELLING US THAT A REVERSAL IS IN THE LINE AND WE WOULD FOLLOW WHAT THE PRICE IS TELLING US.
THE HIGH OF 05 DEC 2014, 189.69 (SIGNIFICANT POINT) REVERSED AND PRINTED A LOW OF 175.77 16 JAN 2015.
THE UP-TREND SHOWS A SIGN OF WEAKNESS BY ALLOWING THE MOVE A-B TO TRADE INTO THE STRUCTURE C 180.71.
THE GOLDEN RULE OF PRICE BEHAVIOUR IS THAT THE LOW OF 180.71 MUST BE RE-VISITED BEFORE A HIGH ABOVE 189.69 CAN BE PRINTED.
NOTE: THIS IS A VERY STRONG SIGNAL IN GBPJPY             AND WE WILL PLAY IT AS FOLLOWS:
- SELL WHEN PRICE RETESTS 188.35 AREA OR WE CAN SELL AT THE BREAK OF 185.98.
- THE SAFE STOP TO AVOID WHIPSAWS IS PLACED ABOVE 189.70.
- WE AIM FOR 180.70 FIRST BEFORE ANOTHER LEG SLIDE TO 175.77
We will post regular update as the trade materialise.
I'm expecting a short term reversal to 184 area to gather steam before continuing up bull tend. Although a 600-700 pip short is in the books.
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charts247 bmlovekfc
If 185.98 is breached with momentum, it might get to 180.71 before pausing. lets wait and see how it will play...Enjoy
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