Either buy these levels or buy the break of the 45 degree counter trendline
10.50 reward:risk is sweet like icing sugar
0.6580 and below negates. Hedge the long and open a 2x short for break even or moves down to 0.6460
The YEN appears to start the week on the back foot after solid gains last week and we have a channel break on GBP/JPY.
I'm LONG this market from 165.04 with a STOP under last weeks Friday high of 164.74.
Target is 167 area where the 200 sma's come in and above that the monthly fib at 167.29.
Hi guys,
Just some analysis, GBPJPY buy set up, if it breaks the trendline, and targer will be the 0.681 anad after that the structure high of 175.xx.
Break of the trendline will show a shift in the structure towards higher area.
Thank you and please comment or like if it helps, will really appreciate it.
We have had a double bottom here on the 4hr and possible on the Daily tiemframe as well.
If we can break structure there is a possible set upf ro a 2618
After previous succesfull idea, the same scenario can happen. Price stoped at the support after breaking it upwards previous day. If it wont be badly broken todays night, itll jump from it upwards following days.
GBPJPY may soon touch 170.78.
GBPJPY opened weak, well bellow our sell level of 179.52. on 04 January 2015. and had been down to the level of 163.98. ON 20 January 2016 whereas we we had expected that GBPJPY may bottom out @ 173.95. Now we expect the GBPJPY to bounce at least back to 170.78 to 171.45 in near future.
Caution: The above is our personal view....
The set up is clean and simple. Although it goes against the major, recent downtrend, I think it’s got potential to the upside and I like the risk reward. I’m targeting a profit of 400 pips with less than 100 pips risk. Best yet, I think the trade actually has potential to hit the profit target this week.
For a full explanation of this trade, read my blog post...
So looking at this pair there is potential to see us have a harmonic leg up to point C of the cypher which has shown previous resistance and seen the pair drop, this woudl also take us into the over sold area of the RSI.
will wait for confirmation
GBPCAD - Daily chart perspective. This is the expectation. But before it takes off to either side, my expectation is a prolonged correction.
Of course if price breaks out of the structure, I will look for trading opportunities. Until that I will trade small movements within the structure.
