kiwiwalnut
Short

Don't let R:R Fool You

FX:GBPJPY   British Pound/Japanese Yen
73 1 4
** Highly opinionated and speculative **
With weaker data from China and event of the week @ Doha with OPEC ; flight to risk off havens such as JPY might be in order Monday.

Charted GBPJPY-0.19% as the cloud over Brexit is still talking point for GBP and if this entry is hit and prices drop - theres no knowing where this will stop until quite possibly further interest rate cuts into negative territory by the BOJ - Intervention not likely with G10 summit upcoming. Japanese Nikkei yields not too flash and shares dropping ; influx of CNY-0.68% capital and likely further increase in JPY.

Speculative fundamentals aside - plenty of structural resistance at 155.2xx level as well as descending trendline, MA 200 and daily pivot levels. Likely to make a dash up to 155.5xx where it is also just below the completion of a possible Gartley OR Crab .

But first, it'll have to break 50 MA & 154.8xx

Brainchild of TV chat after light talk with @Ata-Turkoglu.

Key levels to watch 154.8xx ; 155.2xx ; 155.6xx

-Trade your plan and within your Limits-

Related Ideas

kiwiwalnut
7 months ago
Monday Asia session should be interesting. Let's see if price action will retest the dynamic support EMA 200 with the completion of harmonic patterns. Key to see if MA 50 & 200 cross over to the upside and whether signal candle closes above key levels.

This is very heavy sentiment and news based trade as there is also an ascending triangle forming - talks of G20 'softening' on BOJ to intervene.... Hearsay or not. I am happy to miss this if price does not enter my level of entry.
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