GBPJPY Intraday forecast for thursday 18 February 2016
It seems GBPJPY is deciding to give another leg down, at around 157-159 zone levels..
GBPJPY H4 chart shows a bearish tweezer top price action pattern. The RSI supports the bearish idea with closing back below 50. S/L is placed just above previous candle's high. Target is daily pivot line around 163.60.
So in my previous Idea I though we had a double bottom form and the potential for a rise, we have now broken structure so Im now looking at the bigger picture and trend continuation
GBPJPY: We expect GBPJPY to stay low atleast upto 13 FEB 2016. For our weekly traders Sell @ 169.93 with a SL @ 170.52 tGT 01 @ 168.47 Tgt 02 @ 167.82 there is a confluece level here between 167.98 to 167.82 we would advice to exit around 167.82.
Keeping an eye on potential reversal levels to short this pair lower
let the market come to you then trade what you see not what you think or hear
Looking at the long term direction of GBPJPY on the Daily and Weekly charts. After doing a little analysis I'm thinking that we may see a small retrace back into the 173.00 levels before heading down towards 157.00. Will Definitely keep an eye on this.
Sell Limit @ Market 169.9 SL. 170.3 TP. 169.5 169. 25 169 168
Bearish Cypher complete, got my targets at the 382 and 618 areas
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.
A very nice looking Gravestone Doji has formed on the 4-hour chart for GBP/JPY. A few points to note: A) Daily failed to close above 170.00 B) I expect an ABCD pattern to form. If correct, then the timing of this Gravestone Doji is perfect. The ABCD pattern may start its C/D leg at around the 167.00 level, of which is where the downtrend ended and a great buying...
FX:GBPJPY BAT: Point B: 38.2% to 50% XA Point C: 38.2% to 88.6% AB Point D: 88.6% XA Targets: TP1 38.2% AD TP2 61.8% AD Safe Trades; open.spotify.com
GBPJPY Double retracement to .618 in last selling movements indicates it is not a wedge Wedge would be .618 , then .50 to create new low with more slope This implies we are probably trading wave 2 inside wave 3 Short @167 target 161 target 2 = 157 (base channel in weekly chart)