GBPJPY: Long for now but watch it around September 28th

FX:GBPJPY   British Pound / Japanese Yen
604 5 23
Time at mode weekly analysis of the advance since the low in 2012.
Price has already tested once the most frequent price since 1991, and fell instantly, but now rebounded and is heading up again.
There is an active monthly uptrend, but the price target has already been exceeded.
It would seem as if this is a topping formation, and even if temporary, the decline that will unfold if this validates a terminal wedge , will be very sharp and at least headed to 171.067 instantly.
I'm long GBPUSD             , and GBPNZD             , but going long here might pay off, keeping in mind we might be able to short it soon.
I'll update the chart with my entry, for now, you can try going long at 188.6145 with a stop at 186.463 and no TP.
Last week has been really weak, not sure of the upside potential, we might see huge *yen pair shorts setting up very soon.
If we don't see new highs next week, I'll start building a huge short position here.
Does the same go for USD JPY?
I scrolled back in time to see the "Long term mode" that GBPjpy rallied up to and it sure does look like a great setup to go short up here. Nice work Ivan. I hope we can catch this move.
+2 Reply
I'm long GBPNZD and GBPUSD, but ultimately I see a grim picture if they can't move past these levels fast.
Not really a clear USD strength case, but weak Eurozone case.
+1 Reply
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