After a break of a major daily trendline and a test and hold of a 31.8% retracement, GBPJPY might continue heading down. NFP data will be coming out soon, hopefully this will go in favour of where I would like it to go.
Good support @ 175 MACD bullish divergence, RSI Oversold. SL: 174.8 Target: 180 (watch out 177.4 as 2011-2015 key retracement level)
1. KD + double top & break of the structure (through the purple line). 2. Price back in the channel & retesting broken structure resistance at the moment. 3. Missed daily pivot at 192.70. Go short targeting missed daily pivot or 50-61.8% fib retracement of the recent impulse up. SL goes above the recent highs. It's counter trend trade so be carefull...
GBPJPY are retracing back down to the daily support line. You can take this as a counter trend trade and a bounce trade, back DOWN to the daily support area.. When hitting daily support line, we look to long entry according to Norse trading rules (see previous posts). Be aware of the week double top forming, so we need to keep that in mind if something doesn't...
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GBPJPY breaks up above 175.00 ( the green zone) on 17th Sept. If GBPJPY pulls back to re-test this support/resistance zone 175.00, look to enter a long position. This is also the 50% FIB retracement. Long GBPJPY 175.00-10 SL 174.50 TP1 177.00 TP2 180.00 ===== www.ForexPositive.com Twitter @ForexPositive
Very clearly defined support/resistance zone in GBPJPY from 172.40-70. This zone has been in play since April 2014. Look to enter short on re-test of this zone. Short GBPJPY 172.50-60 SL above 173.00 TP1 171.00 TP2 169.50
$GBPJPY reversed and has been selling since its peak in early July. Closes below support @ 174 confirmed the stair step downtrend. With price now below 172.50 the selling should continue in the channel of the pitchfork.
Looking at an upside move to weekly resistance (Weekly R1) which is also 78.6 Fib retracement level. Purely Technical based off the Bullish Cypher currently at Completion. Support level is combination of Weekly diagonal trend line where area of confluence of the support trend line is currently holding price at this support level. A stop below this level is...
Bullish continuation pattern in GBPJPY The ascending triangle pattern is a bullish continuation pattern in GBPJPY. There are 2 ways to trade this pattern. 1) Aggressive method (Long GBPJPY on breakout) Place a buy stop order on breakout above 173.50 SL 173.00 TP 175.00 2) Conservative method (wait for retracement) After GBPJPY breakout decisively above 173.50,...
Today on the daily chart of the gbp/jpy, the ichimoku cloud gave a medium strength cross over to the upside, However the cloud is on the verge to flip, meaning as of right now senkou span a is on the bottom of the cloud. Once senkou span a flips to the topside of the cloud that helps determine the strength of the cloud. Next price either needs to break above the...