Hi Purposeful traders! This week on GBPJPY I'm looking for continued buys. She has a great opportunity we may need to set our eyes on. I look forward to knowing what you think about the analysis. Let's chat in the comment section below.
GBPJPY / 4H
GBPJPY is overall trading in a bullish trend. Recently, the price came to test a key level, and now we have seen the bulls taking over again.
I'm expecting 2 scenarios to go long on this pair, either a small correction or a deeper correction.
Trade safe, Trader Leo
Sell: CAD / JPY
Buy Limit: 127.520
SL @ 126.980
TP @ 128.700
Max Risk: 2%
(When calculating, do not forget about different spreads from Brokers)
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Have a good week to everyone
It is not an investment recommendation
GBPJPY 4h timeframe this is what could possibly happen my long term target is 139/141 but before we go that high into 600/700 pips profit my short term bias is down side looking bearish as hell which means 132/131 even possibly retest those 129 and 128 before we come back to the current market price at 134 and then heads back up to 137/139... EASY LETS GET IT ...!!!!!!!!!!
For the past two months, we had seen GBPJPY on a strong downtrend moving from area of 148 to 135. Currently, the momentum is slowing down with a little bit of sideways movement. I am seeing a potential descending triangle chart pattern forming. I am waiting for the breakout of this pattern. As I wait, I will initiate a short term trade on this setup. Trade Safely!
If the current bullish momentum continues, this would be a great opportunity for a long position. Price broke upwards through the falling wedge which is also confluent with the resistance zone marked in black. upon spotting a good entry that's in line with my management, i'll be looking for price to follow roughly, the previous bullish run as highlighted with the...
I can see a bigger wave 2 forming in red and a 3 wave forming in blue.
What enforces the move up it is the 61% of retracement of wave 1 in red and 161% of wave 3 in blue.
They are exactly in the same price zone .
Let's see now
The short is working out pretty well so far, due to the current weakness in GBP and the strength of JPY. I expect the price to go much lower to reach the 141 level. However, due to the brexit polls and news, expect this pair to be very volatile and manage your risk accordingly.