Here we have a trend line breakout and price closed above strong resistance thanks to the strength of the GBP last week, now all technical point to more bullish movement so we are still long on this pairing as we explained in our last GBP JPY post on FEB 28th if you want to take a look at that.
A break of 2 strong levels could see price visit the moon again... so get your space suits on ;p
If you are in this trade then please use correct risk management as brexit can be a Fu@K#r so do your research and look at the economic calendar for any high impact news!
It's not a clear "trend line breakout" as yet - it is only part of one candle. I wouldn't get to excited or anticipate too much just yet on the weekly. As we know price can break properly above trend lines and get sent packing back under. NZD pairs are classic for this (for example). Of more concern right now is that price on the weekly is struggling in an imperfect zone of horizontal resistance.
There's also the making of a head and shoulders in that formation.
All /JPY pairs are at risk of being dispatched south as Bank of Japan, the FED and PPT give up (possibly) in the next week or two. We won't be given advance word of that happening in any economic calendars - so this amounts to systematic risk. Hope you get to the moon, though - against all odds. 🖖👍
ApexFX_Pro
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@Captain_Walker, Like with all our trades we always keep a fairly tight SL anyway as we practice good correct risk management, so a loss doesn’t hurt.
You bring up some valid points, but our trading style seems to be slightly different than yours.
Speak later... I’m just off to NASA to prepare for space 🤪😂
Captain_Walker
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@Apex_Managed_Capital, Bon Voyage!! 🚀 😁 😂
ApexFX_Pro
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@Captain_Walker, Au revoir 👌 want some moon rock bringing back? 😜
There's also the making of a head and shoulders in that formation.
All /JPY pairs are at risk of being dispatched south as Bank of Japan, the FED and PPT give up (possibly) in the next week or two. We won't be given advance word of that happening in any economic calendars - so this amounts to systematic risk. Hope you get to the moon, though - against all odds. 🖖👍