JLJ002500
Long

GBPJPY - Watching for a Long Entry set up to develop

FX:GBPJPY   British Pound / Japanese Yen
84 0 0
GBPJPY            


Approaching potential reversal area. (IF long-term uptrend is to continue)

GBPJPY             has had strong movements in both direction. Since 8/21, it has been trending down (D1) and is roughly 1330 pips below its August high. It is at a key support area (1W chart trend line formed by 10/2014 & 4/2015 lows) and a potential long set up entry point. Any trade would need to be managed closely. A more conservative approach would be to confirm trend reversal on D1. The conservative approach would may take 1-3 weeks to develop.

My trade plan and recommendation: With GBPJPY's volatility , patience is required. I am not going to enter a multi-day long trade until 9/21 EMA is indicating trending up. After 9/21 EMA is in an uptrend, pull backs with trend reconfirmation on 1H would initiate entry points.

The other scenario would be short entry points following a break of 179. Entry, again would be upon trend reconfirmation on 1H following a D1 correction.

As mentioned, the entry/trade plan above will require patience and potential weeks to develop. Short intraday trades will be considered in the interim.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
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 My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out