piphunters
Long

GBPJPY: Buy breakout

FX:GBPJPY   British Pound/Japanese Yen
1210 11 42
6 months ago
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.

IMPORTANT: The setups posted here are not trade calls or signals and are intended for guidance purpose only and you should use your own strategy to determine entries and exits. They reflect my general view of the market and does not mean you should take the trades without a proper trading plan or strategy, If you would like to get all my setups together with exact entries and exits with please visit www.thepiphunter.com and subscribe.
6 months ago
Comment: off we go
If you would like to get all my setups together with exact entries and exits with please visit www.thepiphunter.com and subscribe.
DerekUweri71
6 months ago
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
6 months ago
no, will wait for FOMC before any positions, also I don't enter without a confirmation
Reply
DerekUweri71 piphunters
6 months ago
I agree, the volume is very low at the moment because of FOMC, market in a tight range.
Reply
piphunters DerekUweri71
6 months ago
yap
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Dabrowski.Alan
6 months ago
Buy him now ?
Reply
piphunters Dabrowski.Alan
6 months ago
FOMC coming up, currently looks more bearish, it can send the pair to new lows
Reply
piptamil piphunters
6 months ago
can we go long now??
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piphunters piptamil
6 months ago
if you are ok with around 100 pip draw down yes, I would wait.
Reply
fxfxfx piphunters
6 months ago
Target 134 area?
Reply
piptamil piphunters
6 months ago
thanks
Reply
mlbo
6 months ago
good luck to all.
Reply
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