chris333
Long

GBPJPY Continuation Uptrend

FX_IDC:GBPJPY   British Pound / Japanese Yen
This looks like a good trade with the Pivot Stack and support from other Pivots . However, the uptrend may be exhausting with the outside day candlestick as shown. The next day showed a lower low as well which is a sign the price momentum may be weakening. This is a good study to identify a mid probability trade that may not be worth taking a risk on, or at least not until the price breaks out to new highs.
Comment: With the new DPR out we can see the bias is still bullish.
Take a look at the chart to see. If the price can eclipse the swing high from Sept 21, this could nullify the outside day candlestick of the same date of 9/21 and give us renewed vigor to the upside. Don't forget to check the legend for understanding the acronyms of the indicators and to get to know what is what:) see below...


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Indicator Legend:
Daily Pivot Range-DPR (blue/magenta dots) | Weekly Pivot Range-WPR (orange/red dots) | Monthly Pivot Range-MPR (green/black dots)
6 Day Rolling Pivot Range-RPR (lime/yellow dots)
Daily Pivot Moving Averages-DPMA: red=14 day, yellow=30 day, white=50 day
Comment: Now that more time has passed the Pivot Stack has come up rather tightly under the current price and we see the test of the low of the PS (Pivot Stack). This support held as we would expect, however the price is still underneath the DPR which is showing the bias turning over to the downside. This is important as the market could be shifting to bearish sentiment as the momentum in the move is slowing.

For now bring your stops to a few pips below the PS low at 147.49
Comment: The latest chart shows us the 6 Day RPR has moved above our current price levels which tells me the market is ready to turn over. Even though, as I watch in real time, it feels like it could breakout to the upside and you'll notice a hammer candle from the previous day as well as a wedge formation over the last week or so setting up; but we need to respect the indicators.

We can take another look at this if the price can breakout above the swing high from Sept 21. For now I would get on the sidelines as this has taken too long to develop.

If you did enter the market, you should be able to make a small few pips profit or bring your stop loss up to breakeven to see if you can profit on a breakout move back up.
I agree with your bullish view on GBPJPY. Our trading signal idea is also of the same bias. GBPJPY is currently in an upward trend and if it surpasses its resistance at 148.99, we see it as a confirmation of a further move upwards. Here’s our idea!
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