AngelaFTrading
Long

GBPJPY - Bullish run is not yet done!

FX:GBPJPY   British Pound / Japanese Yen
All GBP pairs tumbled as PM May announced that a no deal in Brexit negotiations is better than a bad deal.

GBPJPY broke a downtrend line but also met some resistance at 149.70 and reversed from there. It is now trading at 147 area. Let us see if we will get a retest of broken structure. If price doesn't break through the lower red box, look to buy.

Aggressive traders can enter now, stop loss at around 146.30 (70 pips) and target 149.40 (240 pips)

Good luck!
Sep 21
Comment: First take profit level could be at around 148.20.
Sep 21
Comment: Because of recent Brexit developments, kindly keep the SL tight and set it around 146.60 (40 pips) and wait for a better entry to long should you get stopped out. Better area to open long if the price breaks the trendline might be somewhere around 146.20. Apologies for the aggressive entry

Sep 21
Comment: Apologies, the chart above is GBPAUD for my other idea. This is for GBPJPY. Sorry for the confusion.

Sep 23
Comment: Update on GBPJPY 1-hour chart

Failure to break the trendline might push up the pair to 148.40-60 (50% and 61.8% retracement) and form a right shoulder to complete a head and shoulders pattern before starting bigger leg down to around 145.


Let me know what you think!
Sep 24
Trade closed manually: Close trade in small profit or move SL to breakeven, JPY strength might be coming in soon.
Sep 24
Comment: Close all GBPJPY trades now in good profit. :)
Many elliotists see this as an WXY ABC connector for a double correction which we will be starting. it rejected the 1.27 extension and .618 golden zone on the daily. This highly suggests a technical pivot. Looking for more weakness next week. Macro trend need to close below 145 to confirm the WXY macro trend. So far it looks like a 5-3-5 zig zag on daily structure. Good luck all.

+1 Reply
@adan0327, tbh not sure how elliot waves work,but in my view, failure to break the red box which acts as the broken structure, might see one more up move before deep retracement to 145. thanks for sharing. :)
Reply
Hi Gelabeans, my gann fan analysis shows that weekly chart broken the 45 degree line, rested and ready to move up. Of course in zig zag fashion, hence my target is 163 and 176. Good luck!
+1 Reply
@hirobo, we might see a deep pullback before that, but nothing’s impossible in fx. thanks for sharing!
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given the recent brexit developments and more negative news to follow ober the weekend into the next week coupled with fed rate hike and rising yield, i think it has more way down to go and reach 145 at least.
+2 Reply
@shakti13, im also factoring in here possible JPY weakness as the yen is also weak across most pairs. Also, we might see some profit taking and on Monday is JPY bank holiday, so yen might not get enough fuel for the push down. thanks for you input! will be monitoring Brexit developments over the weekend and update my idea accordingly. :)
+2 Reply
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