CXJV
Long

GBP/JPY 13/09/16 ONWARDS 1D CHART / PLEASE READ ANALYSIS

FX:GBPJPY   British Pound/Japanese Yen
2 months ago
Please bare with the clutter on this chart I just have a few ideas floating about for a Bullish move.

Last week I felt that price has reached the 1D resistance trend line and needed a retrace (0.618%) before pushing higher. I now feel that 0.5% is the level that price will bounce from.

TECHNICAL REASONS:
- We have 2 MA's about to cross since BREXIT (20/50)
- 13/09 1D candle has tested both MA(20/50) as new support since crossing (Will close as hammer reversal candle).
- FIB 0.5% has been tested and found support
- ABCD Pattern forming in ascending channel (Not ideal 61.8/1.618)

FUNDAMENTAL REASONS:
-The fear of BREXIT is growing thinner
- (Personal opinion/would like other views on this) The UK data may have be worse than forecast today (13/09) but overall the majority of numbers are as strong as the previous month and still higher than most figures within the last 6months - 2years

I will be taking a long position and hopefully hold it to the 143 level. A bullish candle tomorrow (14/09) would strengthen this area as a potential swing point for bullish move to resistance (143.00)
2 months ago
Comment: Bullish despite bearish move from UK Average Earning data.
Bull candle close will create entry for C-D pattern move.
Najib13th
2 months ago
bullish still valid sir?
Reply
CXJV Najib13th
2 months ago
A close today with a bullish candle (inverted hammer - signals that a bullish trend may start tomorrow)
Potentially good UK retail sales again for the first half of September
UK Interest rate change, which left unchanged may create bullish momentum.

Im swaying towards a long order, but please use your own judgement. Negative data may cause price to break channel support and continue towards 130.00 daily support.
Reply
Najib13th CXJV
2 months ago
thanks for your educational answer mates..really appreciate it
Reply
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