piphunters
Long

GBPJPY: Buy breakout

FX:GBPJPY   British Pound/Japanese Yen
1210 11 42
The pair is breaking out of the smaller degree downtrend which was inside a channel, this signals that the corrective structure following the BREXIT impulse is not complete yet so we may be getting another up lag presenting a nice opportunity to long the pair after confirmation.

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Comment: off we go
good luck to all.
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Buy him now ?
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piphunters Dabrowski.Alan
FOMC coming up, currently looks more bearish, it can send the pair to new lows
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piptamil piphunters
can we go long now??
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piphunters piptamil
if you are ok with around 100 pip draw down yes, I would wait.
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fxfxfx piphunters
Target 134 area?
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piptamil piphunters
thanks
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Hi PipHunter,
I like your analysis but I think price will consolidate at the 131.30 level until the UK Economic data is released this morning. We have the Claimant Count Change and Average Earnings Index at 9.30 gmt and this will determine whether this is a breakout or just an overshoot of the channel. The data will set the direction for £Y. What do you think? Are you already in this trade?
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piphunters DerekUweri71
no, will wait for FOMC before any positions, also I don't enter without a confirmation
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DerekUweri71 piphunters
I agree, the volume is very low at the moment because of FOMC, market in a tight range.
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