From the technical view:
1. From the daily perspectives, price moving to the upside and create an overextended W pattern, and now we can expect a deeper retracement until the neckline of the W
From the fundamental view:
1. Big players are bullish bias on GBP in the short term and bearish bias on JPY in the short term.
2. In the new report, more short are getting closed on GBP and long are getting closed at the same time, 8.9k of the short closed and 8k of the long closed. The closing of the long in new report can interpret as the retracement on the daily timeframe as we want to see the retest of the W neckline.
3. From the JPY perspectives, more long are getting closed, and short positions are slowly increasing, net positions of JPY drop around 12k, so wen can expect JPT start to be weak.
4. Strong GBP and weak JPY, GBPJPY should move to the upside after W neckline retested.
How to approach GBPJPY?
1. Monitoring the price action on the lower timeframe, if the market shift to the bearish market, then we can take a short opportunity and targeting the neckline of the W.
2. Just short at the moment is quite risky, because lower timeframe still indicating bullish market, the price can push to the upside aggressively again since big players still bullish on GBP.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on GBPJPY or which pairs you would like to me analyze in the future.
Kindly visit my profile and get more free analysis every single day.
1. From the daily perspectives, price moving to the upside and create an overextended W pattern, and now we can expect a deeper retracement until the neckline of the W
From the fundamental view:
1. Big players are bullish bias on GBP in the short term and bearish bias on JPY in the short term.
2. In the new report, more short are getting closed on GBP and long are getting closed at the same time, 8.9k of the short closed and 8k of the long closed. The closing of the long in new report can interpret as the retracement on the daily timeframe as we want to see the retest of the W neckline.
3. From the JPY perspectives, more long are getting closed, and short positions are slowly increasing, net positions of JPY drop around 12k, so wen can expect JPT start to be weak.
4. Strong GBP and weak JPY, GBPJPY should move to the upside after W neckline retested.
How to approach GBPJPY?
1. Monitoring the price action on the lower timeframe, if the market shift to the bearish market, then we can take a short opportunity and targeting the neckline of the W.
2. Just short at the moment is quite risky, because lower timeframe still indicating bullish market, the price can push to the upside aggressively again since big players still bullish on GBP.
The result might not follow my analysis, this analysis is based on the TA & FA perspectives.
Comment down below let me know your view on GBPJPY or which pairs you would like to me analyze in the future.
Kindly visit my profile and get more free analysis every single day.