Possible UJ Seasonality opening bell will play scenario 1 and other if JPY overpowers GBP then UJ seasonality will be postponed.
Examples on how this may play are visible earlier around August 9 and 13, see the tag numbers 2 and 1 respectively.
GBP is likely going to strengthen a bit more while JPY is devaluing, leading to a mini crash of JPY which is causing GJ...
It might be too soon to go long since there is another zone below the one I made an entry on.... keep that in mind .... so if this zone breaks next one will prolly hold but since I do this for practice I might as well place some trades which I thing might work instead of waiting for perfect trades, so keep that in mind too if you feel like following this trade. Cheers
I am looking for GJ to continue to make Higher Highs and Higher Lows. The last time we were at this level with traffic was in 2016. There was a brief period of pass through all the way down to 131 back in January of this year and then back up past 135. We all know what news that was.
I would only look to short this if it broke below 134.546. I don't...
We are seeing a consolidating price action on GBPJPY during the last 4-5 weeks. And, this is quite expected.
GBPJPY has rallied close to 1700 pips from the lows this year and in my opinion, the recent consolidation will soon lead to another rally.
From the chart, I would like to point out 3 things:
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After a bullish breakout of the decending channel, price has formed a nice textbook style flag pattern which will break towards the upside.
Target is based on next resistance which is a confluence with Fibonacci Retracement.
GBPJPY has been on a major sell off for a while. I anticipate for the sell to continue after we get a bounce and breakout from this down trend. Im expecting support to hold and take us to 143.5-144 Region. There we will begin to sell off again.
Good Buy opportunity for next week. Not financial advise. Trade safely :)
Before previous week end we saw GJ do a further push up before market closure. Upon new week opening we could see a minor pullback before another push higher than the previous high and might be able to see a new higher high during the upcoming week.
I want to see clear confirmation of a pullback before making any decisions yet.