Since mid-October the GBPound has been gaining momentum against the JapenseYuan. Reaching a recent high of 147.900, the price point immediately reverted to retest the previous channel's top trend line near 141.500 (shown in orange). After a showing of strong support, the price point returned to its longstanding uptrend which started August 11th 2019 (shown in green). Currently sitting on the 50EMA (25 day average) and the bottom of the longstanding trend line, I expect this price point to continue rising and eventually retest the 147.900 mark. Trend direction's obviously changing because we're sitting above the 200EMA now. I wonder if its finally headed back toward the highs of August 2015 (194.510).
I clearly was smoking the wrong thing this morning.
I've just entered a buy position based on the anticipated stop run that I've observed. Momentum has also shown a change of direction on the 15M chart.
TP: 151.777 (could take a week or 2).
UnknownUnicorn5320750
⋅
Adjusted trend lines; bear move still in play. Likely looking for support at 141.500. Anticipating bull move after test.
UnknownUnicorn5320750
⋅
Downward action still in play. Holding tight :)
UnknownUnicorn5320750
⋅
The 1H chart shows early signals of exhaustion + change of sentiment. While I wont wait for 'confirmation' necessarily, I will look for more signs of upward momentum before entering. Wit a tight SL, this is a low-risk, high rewarding position.
I've just entered a buy position based on the anticipated stop run that I've observed. Momentum has also shown a change of direction on the 15M chart.
TP: 151.777 (could take a week or 2).