GBPJPY POTENTIAL PREDICTION FOR THE NEXT 5 WEEKS BEARS COME BACK
My prediction for gbp jpy for the next 5 weeks.
We have seen too much noise in the market lately with lot of people going risk on upon erasing of lock down measures. We must not forget that the upcoming economic crisis is much worse than 2008 so reality will kick in once again.
Upcoming week we will have data coming from Japan and UK. UK has been hit very hard from the coronavirus and also brexit will come into play once more.
The market has clearly over stretched in the past 2 to 3 weeks and it's all because of re opening he economy (destroyed economy). We saw the stock market being overbought but do not forget this is all printed money that will go into thin air soon again with big devaluation so safe haven currencies like JPY will come back into demand.
So in my opinion the GBP JPY has a big potential for a big sell of for the upcoming weeks with a double top to 140's potential before crushing. We had the exact same pattern on the weekly chart forming this w shape pattern before crashing again.
I believe there is a potential to hit 128.500 or worst case 130 131 before going higher again.
Longer term I believe we may reach 145 until september october and with a second coronavirus wave or brexit we crush down to 120's
This is only for educational purposes only and not a financial advise.
Let me know what do you think.
We have seen too much noise in the market lately with lot of people going risk on upon erasing of lock down measures. We must not forget that the upcoming economic crisis is much worse than 2008 so reality will kick in once again.
Upcoming week we will have data coming from Japan and UK. UK has been hit very hard from the coronavirus and also brexit will come into play once more.
The market has clearly over stretched in the past 2 to 3 weeks and it's all because of re opening he economy (destroyed economy). We saw the stock market being overbought but do not forget this is all printed money that will go into thin air soon again with big devaluation so safe haven currencies like JPY will come back into demand.
So in my opinion the GBP JPY has a big potential for a big sell of for the upcoming weeks with a double top to 140's potential before crushing. We had the exact same pattern on the weekly chart forming this w shape pattern before crashing again.
I believe there is a potential to hit 128.500 or worst case 130 131 before going higher again.
Longer term I believe we may reach 145 until september october and with a second coronavirus wave or brexit we crush down to 120's
This is only for educational purposes only and not a financial advise.
Let me know what do you think.