FXBanker

GBPJPY - Approaching a perfect buy or sell situation

FX:GBPJPY   British Pound/Japanese Yen
88 0 4
Dragon approaching a weekly resistance.

Just like GN             a line had been on both sides been respected and bull power seemed to ease of on friday suggesting maybe its overbought and a short term retrace is on the cards.

I will be monitoring the action around the trendline and should price fail to break it throughout the week a short position back to support could be taken.

We are looking as well at the 140 area (price seemed to form a double bottom ). Should Bulls take price beyond that level there is no doubt that 150 is the target as Bank Of Japan would love a weaker yen.

Based on the promise of a weaker yen, I will remain long term BULLISH on this pair but I am not discounting a retrace below the trend line to form a triple bottomed bull charge to the top.

High volatility has made this pair one of my favourite to swing trade.

Trade safely :)

Trade active: Sell Mode On!
United States
United Kingdom
India
Deutschland
España
France
Việt Nam
Italia
Polska
Brasil
Россия
Türkiye
Indonesia
Malaysia
日本
한국
简体
繁體
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing Support Priority Support Report Issue Ideas Published Followers Following Private Messages Chat Sign Out