SamKent
Long

GBP/JPY Pullback into Long Plan

FX:GBPJPY   British Pound/Japanese Yen
304 4 5
The GBP/JPY             has broke through resistance on an impulsive bull move. We're looking to buy the pair on a pullback to our role reversal zone, our entry should also coincide with the ascending trend-line as drawn in the chart. This is a basic breakout-pullback-continuation move, our entry is around the 184.60 handle, with a stop just below the zone and trend-line at around 184.150. We plan to trail out stop on this trade using future swing lows.
after the pull back from the support zone what do you thing will be the next resistance??
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SamKent sidais1982
the next resistance level is at 185.500, notice how price rallied up to that level (3 bull candles) and then formed a shooting star followed by massive selling down to support. There could be some friction heading higher, ultimately we do believe this pair will indeed go higher though.
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Still uptrend? The trend line already broken
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SamKent DanialRosli
The overall trend is still bullish, however, the trend-line break is indeed a sign of weakness; in fact, our advise would be to draw the current descending trend-line in your charts, a break and close above this descending trend-line with the 38.2% holding and the support zone holding is a good sign for a bullish future.
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