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...
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....
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..
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...
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 -
GBPJPY 8 hr
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.
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...