GBPJPY - 162.XX likely the lvl coming into play.

FX:GBPJPY   British Pound / Japanese Yen
The surge or break out of the channel top ( completely obviated ) and the surge up has been rather angry.. Still feel move up is left possibly as close as to 113 handle ( 112.8X likely resis zone for now )...

Yes; I was viewing it to the lower side but definitely not against the break and not while GBPJPY             taken out 156.70-8X point I wanted it to hold as well.
As said, the break on the USDJPY             was an angrier one and the result was more or less expected as there was no retrace into this surge at all.
I will update on the USDJPY             on org             ideal plan..
Anyways here is something on the GBPJPY             now..

GBPJPY             - A simple layout - Around 162 we should start seeing some decent resis - GBP likely missing one leg higher to around 4500 handle extended to 4550-60 ( overall bigger lvl             to watch is 1.4700 handle.

GBPJPY             8 hr- simple st             forward chart...

Comment: I'm actually raising the call on the GBPJPY higher to 162.60-9X ( for 25-26 April - Considering it makes 1 top and comes back aain to post minor new high - which I definitely would love it for it would indicate decent supply there..
When working with trendline analysis it is mainly the angles you are watching along with what type of channel it is depicting.
I have redone the GBPJPY charts and I find this 8 hr more appealing and if goes well then would expect retraces off 162.60-8X down to lower 159.XX .. Fuller down if coming should be back around to 155 or so ( depends when and if it is coming down to it )

GBPJPY 8 hr - Chart Redone

GBPJPY 8 hr - Possible expected play off....
Comment: Short term view..

With the gap opening lower the prospect have changed a bit and possibly can see some drag going higher indicating some more pullbacks to around 159.5X before likely buyers join in and take the price higher to and around 162.6X-8X.

GBPJPY 15 mins - Price currently flirting to it..

GBPJPY 30 mins - 161-0X resis and a close higher should get it bid..
Comment: We holding and getting 2nd test with new minor new high done to it. This fails now; should be it for the fall to commence.
Again its' nothing more than playing into a pattern...

GBPJPY 8 hr -

GBPJPY 30 mins - Initial break that can lead to believe a possible Temp Top is in and time for some gradual fallout on the pair..

Mainly would allow the pattern to take care of the rest...
Comment: Well........... Now can say GAME SET & MATCH +++.
Spotting certain layouts hinting patterns usually plays out rather well..
This month is easily one of the best for us as we were able to recognize and execute a number of trade setups that went the whole distance and then some Plus...

Anyways ...... GBPJPY NOW...

GJ 8 hr -
Comment: http://i.imgur.com/90eli3h.png
Comment: GBPJPY - UPDATE...

GJ 8 hr - Different Angle but liking the potential play out base on it

Taking it bit further and 2 hr shows pattern with 155 holds to provoke bounce. which would mean USDJPY holds its supportive zone ( updated USDJP as well )

GBPJPY 2 hr - Potential HNS ... 151 zone possible neckline.. The tgt 140-141 zone.. Else Triple sliding bottoms and a lift off for 174-176 Different angles but pretty much same story telling on all of them.
your set up aligns with my fundamentals, so i guess next week is ours
TahirKhan affinity139
Hello affinity139 ...
There are still factors ( technically speaking that is bit confusing to factor in on the pair ).
Considering GBPUSD ends up making to 1.4500 or extended 1.4550 initially and USDJPY also wanting 112.8X-113.00; if so GBPJPY won't stop to these lvls. IT could and should crank way higher..
Hence some caution shorts ( though initial attempt to the lvl should be able to provide opportunities to short - A shallow pullbacks would however be worrisone.
Also I have updated the charts - Pretty much same but just better angles.. Might want to have a look at it.
Fundamentally its BOJ that one needs to worry about - GBP due to Brexit can still slip alot ( I wouldn't mind; since comes June around the voting result; I fairly think the No vote will largely be factored in and we very likely to bounce big on the GBP.

Anyways - My work is mainly & solely in light of tech plays.. Hence any decent bounce and a base formation would be tempted play for longs towards middle or higher 162.XX and shorts off there.. We will eventually find out how things will roll up..

As for fundamentals; I would expect things to change rather drastically as we go forward; as certainly there is a hidden ( though I think its fairly open ) currency war going on and CB's are trying to be the stealth hands behind the curtain..

I suppose let the Game Begin...
affinity139 TahirKhan
Next week will confirm everything, for i trade with weekly candle. on monday i will be entering short but i expect the move down to start by tuesday morning. i dont look on chart much but i think we will be both right
TahirKhan affinity139
I got your point.. Well its good to know you see it flipping lower.. I do as well - though I still be caution for GBPUSD seems to be in a mood of its own . however as said 162.50-8X I be very tempted to go short this pair.. and you are right - we will find out coming week......
Great analysis as usual Tahir.
TahirKhan TheBanker
thanks.. I try ....
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