FX:GBPJPY   British Pound / Japanese Yen
I am going to be extremely lazy on this one and ask you to click on the link below for the GBPCHF analysis. It is exactly the same pattern.

Price bounced from oversold territory, it met resistance at the resistance area and now after a couple days of pulling back it seems ready to move up.

Have a look at the 4H chart :

We see the same H&S formations and once it is broken the pair could move very quick to the next horizontal resistance at 136. We will meet resistance at the MA50 too.

Trade safe and click on the GBPCHF trade analysis for a more in depth explanation!
@MicKi could be a bit early to go long now. I would still wait for a breakout over the right shoulder. Thanks for your analysis amigo ;)
+1 Reply
MicKi SalviG
@SalviG, absolutely. A break of the right shoulder is a must. Sorry if that wasnt clear enough. Even waiting for a break of those spikes on the left shoulder is not a bad option. There is a lot of room to run so having more confirmation is totally ok
Reply
@MicKi, totally agree. If this is the start of a big reversal then it makes sense to wait for a clear confirmation because it doesn't matter if we earn 50 pips more or less.
+1 Reply
MicKi SalviG
@SalviG, 100% agree but as you always say, GBP pairs and Brexit dont mix well. Pumps and dumps all over the place
Reply
@MicKi, yes it is always very risky to trade GBP pairs before brexit decision at 31.10. and even after that. Everything can happen anytime...
+1 Reply
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