pipared1

GOING LONG ON GBPJPY

Long
FX:GBPJPY   British Pound / Japanese Yen
3
Watching this pair using technical analysis. I have looked at the longer time frames and I believe that this pair will increase in price due to the falling wedge that was preceded by a strong uptrend. This could signal a continuation and I expect a strong breakout as well. I also see strong support around the 139.006 area. Price is now in consolidation and that is why I suspect a big move upward. My entry would be at the 140.830 price range because it would have broken the retested bearish trend line on its way to a continuation of the previous uptrend. On the other hand, if price decides to drop, my entry would be below 137.359 due to a break of the support level around 139.006. However, a breakout is strongly anticipated in either direction although I am leaning towards a higher climb in price.

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