Price may continue in downtrend to 160.907, if it breaks 160.621 then it'spossible for the price to down to the S&R level of 160.402. If so then look for price to retrace from 160.402 going in an uptrend and retest around 161.375 and retrace, look for a possible breakout "Long"
Yesterday it is a sideway bar by bar. Hard to play with it. I stop loss for 2-3 times.
I think this week has many news and decide to no trade until BOJ declared.
Trade with carefully.
MY PLAN
Finally, the market reviewed itself that end of 5th wave.
It will becomes corrective stat.
1. A- It is the 1st wave or,
2. A ending and become B. Please do not trade this state.
In my view, i think it is end of A and going up to make B.
Lock profit a short time.
Cheers!
TRADING PLAN
Yesterday, i am busy after Finish short closed, so do not play the LONG. :(
Remind that it is still uptrend in 4H, so we play for a retrace (corrective).
1.If it is a wave 2 in 4H, i think it is in the ABC Corrective and in the C state already
Plan Play impulse of C (12345) and TP around 156
2.If it is the A, same TP too. : )
Cheers
SUMMARY:
The secondary trend of GBP/JPY is bullish on charts and price is trading above the trend line in its 4 hourly chart. In 4 hourly chart the price is sustaining above 50 day SMA and is taking support of 200 day SMA indicating uptrend of the pair. It is having an important resistance at the level of 164.10 and support at the level of 158.40. If it breaks...
The reason why we feel GBPJPY may RISE.
* On weekly basis it has just started moving UP.
* To RISE and come near 164.86 levels
* Stoch RSI (3,3,14,Close) is Rising.
* RSI (14,CLOSE) is Rising.
* CCI (20,CLOSE) is Rising.
Keeping all the above indicators in view along with the chart pattern we expect it to Rise. Our Buy call shall be from Buy above :163.29,...
We expect GBPJPY to RISE.
CCI is rising.
RSI is rising.
STOCHASTIC RSI is rising.
We would like to LONG GBPJPY above: 160.93 SL: 160.38 TGT 01: 162.31 TGT 02: 162.92 TGT 03: 164.80
Caution: The above is our personal view. Neither a recommendation nor a tip nor an advice for trade. Please consult your personal financial advisor before investing.
There are many reason why we feel it may SINK
* It has not sustained quarterly ..... level.
* BEARISH in WEEKLY Chart.
* ToSINK and come near 157 monthly target 03
* Stoch RSI (3,3,14,Close) clearly states it may sink.
* RSI(14,CLOSE) Is also of the same view.
* CCI(20,CLOSE) Is not clear
Keeping all the above indicators in view along with the chart pattern...
GBPJPY is expected to rise now.
There are many reason why we feel it may rise.
01. It has not sustained quarterly buy level.
02. BULLISH Engulfing pattern in daily Chart.
03. It has gone way below the quarterly Low target. and chances are bright it may touch 190 very soon
04. Stoch RSI (3,3,14,Close) is not clear.
05. RSI(14,CLOSE) Is rising.
06....
