GBPJPY - Another Yen long

FX:GBPJPY   British Pound / Japanese Yen
134 1 8
I am bullish on the Yen for the coming months, and GBP looks like the perfect victim. It has been one of the weakest currencies out there, and from what I understand it is vulnerable from a fundamental perspective.

Looking at the weekly chart, the pair has not moved up to the Wave, which makes it still pretty oversold, but given the recent weakness, I think a short could be appropriate if there would be a nice setup on the daily.

And there is one indeed. Since the start of this downtrend, the Wave has been supporting without any flaws this downtrend. Price just rejected value on Friday, with a very bearish candle on Friday. I am not sure where the stop should be, probably for half of the position above 162 and for the other half above 164.

Look for further downside, no particular target in mind, but 148-150 looks attractive.
Agreed, longs look grim in any *jpy pair.
Stops around 161 are ok (if aggressive). Not seeing it retracing again.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out