GBPJPY ANOTHER BREXIT WEEK. WHAT NEXT?
Afternoon from sunny Spain Marbella today, decided to have a well earned break but the Sunday setups never end if this is the way we aim to make your living. As we can see from the all time recent highs from the pound last week, this week we have had the bears counteract and push price all the way back down to where we began the week 2 weeks ago. The pass two weeks were great for catching pips but now a lot of fundamental news may come into play with brexit votes this week! Since December I have had GBPJPY in a upwards channel with this week closing very bearish. Will we see my 3rd touch of the bottom white trend line? This is a strong possibility, with 144.00 being a good psychological level this would also be a 61.80% daily fibonacci level. I currently have price held at a turquoise weekly key level of support, which on the 4h has rejected with a 4h bullish Hammer going into Monday could we see a pullback and some consolidation between the 50.0% and 38.20% fib levels which took place between Nov 22nd and Dec 3rd. If you are an aggressive trader I would recommend in the Tokyo and early London session going long with a possible daily short closure.
Going into Tuesday its all eyes on Theresa May. I don't like to focus too much of economic data but brevet doesn't come round very often in ur lives and can't be looked past. The weeks brevet calendar is as follows;
12th the new meaningful vote if it passes the UK leave the EU with a Deal fail, on the 13th theres a vote on if 'no deal brexit' is rules out as an option or not. This could either lead to the UK leaving the EU or not being pushed back or the UK leaving without a deal. This will bring confusion in the market. Ultimately if brexit is pushed back this will give the pound another push to the upside creating new swing highs after bouncing off my trendline and not breaking to the downside with targets of 150.00 if we do agree a deal or or leave the UK with out a deal I can see the bottom white trend-line breaking to the downside with momentum with 141.00 as first targets.
Really important week to keep an eye on the news for any manipulation spikes, don't forget, ''The trend is your friend''. Different type of article this week for sterling with a neutral outlook but making sure i can pip the market in either way so be ready!
Going into Tuesday its all eyes on Theresa May. I don't like to focus too much of economic data but brevet doesn't come round very often in ur lives and can't be looked past. The weeks brevet calendar is as follows;
12th the new meaningful vote if it passes the UK leave the EU with a Deal fail, on the 13th theres a vote on if 'no deal brexit' is rules out as an option or not. This could either lead to the UK leaving the EU or not being pushed back or the UK leaving without a deal. This will bring confusion in the market. Ultimately if brexit is pushed back this will give the pound another push to the upside creating new swing highs after bouncing off my trendline and not breaking to the downside with targets of 150.00 if we do agree a deal or or leave the UK with out a deal I can see the bottom white trend-line breaking to the downside with momentum with 141.00 as first targets.
Really important week to keep an eye on the news for any manipulation spikes, don't forget, ''The trend is your friend''. Different type of article this week for sterling with a neutral outlook but making sure i can pip the market in either way so be ready!