JallenForex

GBPJPY outlook: Short term & Long term view.

Long
FX:GBPJPY   British Pound / Japanese Yen
1W:
GBPJPY broke out of a descending trend line last week, exposing the pair to further potential upside movement.

A retest of the trend line may occur before price starts to increase.

4H:
On the 4H chart we can see price broke and closed below a short term ascending trend line , opening up possibility for a short term decline in price.

Trading plan:
Going into the week ahead we would like to sell the pair short-term upon a retest of the broken 4H trend line & a bearish 4H candle close.
We would then wait for bullish price action signal when price reaches the reversal zone & find entries to long-term buy trades.

Be aware of any upcoming high impact economic news for GBP & JPY. Brexit speeches/news which may cause large spikes.

Updates will be posted as this trade plays out.