This is my analysis on the Pound Yen pair. It had a very strong move to the downside, followed with a correction of the impulse which stopped at the .5 Fib level. Seems to be continuing to the downside as COT data tells that they are adding more shorts.
Leave any feedback on if I missed anything or your opinion on this analysis
Hey Guys, GBP/JPY is trading under the 200EMA on the daily and the 4Hour chart. The Fibonacci retracements line up very well for a short. It has formed a bunch of bearish candle stick patterns after the touching the 50% level. In this trade right now with about 25 pips
My only real concern is that when I went through the Ideas section on the Trading view for...
The British pound ran into resistance again against the Japanese yen as it rallied towards the crucial 132 level. This is an area that has been important more than once, as it was previous support. At this point, the market looks as if it is trying to roll over again.
Outlook in GBP/JPY is unchanged as GBP is long-term bearish. Below 130.64 will target a test on...
Buyers and sellers here are battling at 132.50 - which shows a great support.
If 132.50 is broken, a bearish confirmation is ahead.
Currently scalping the engulfing candle - will close at 133.50 and 133.2 respectively.
