A bullish 121 trend continuation pattern on GBP/JPY looks
promising and can soon be entered, if price remains bullish.
GBP/JPY seems to prepare itself for a larger move to the
upside and should also generate a longer term overall bullish
trend. If you look at my analysis from last week concerning
GBP/JPY where I forecast a large move to the upside coming
A potentially giant bullish move may be in the process of
forming for GBP/JPY. After analyzing price action, as well
as the RSI and MACD, since 1995 I noticed an interesting
pattern which now seems to be repeating for a fourth time.
I will try and explain the near 'chaos' in the chart as best as
I can in words so that it is clear, if not, please feel free
Before price makes a true reversal, whether bearish or
bullish, price and SMA's have to make a series of cross overs
in the direction of the reversal. Once every new level of
support for price and SMA's has been made and confirmed,
price then has the base from which to rally.
Of course the easiest and safest way to profit from a trend
reversal is a candle...
USD/CAD is starting to show some weakness, finally, thus
offering a chance to short this market as it starts a
corrective move towards the end of this month.
With the current DXY strength and potential for oil prices to
drop, USD/CAD should remain bullish in the longer term but
only after a much needed correction. By looking at the
EUR/USD on the 4 hour time frame is currently in a stalemate
between a bullish Crab Pattern and a bearish Alternative
Crab Pattern. Although the Euro is struggling due to political
uncertainty, technically nonetheless there is still a possibility
for a bullish sentiment, although very bleak at the moment.
Currently EUR/USD is in a bearish channel as can be seen...
A very promising bullish forecast for GBP/USD thanks to
a bullish Wolfe Wave pattern. I personally prefer Wolfe
Wave patterns slightly over harmonic patterns, not saying
that one is better or more reliable than the other, but on
large time frames Wolfe Wave's can be very profitable as they
set up well for long term swing trades.
But enough about my...
I measured this pattern last week already, but I was too
skeptical that it would work due to all the news and BoE
statements. Now however, it looks promising, but price must
close above the 10SMA again, as well as close above the
weekly pivot point to have a secure entry for a long
position. Especially when trading this pair, extra caution and
Bearish forecast for USD/JPY. At the moment price is still
struggling to make it up its mind which direction to go, at
least in the short term, longer term from a technical
perspective it is still to the downside.
Price has been rejected 3 times at the 61.8% Fibonacci
retracement level measured from 114.74 to 104.64, the
weekly bearish engulfing candle from...
Every month of June since 2014 has been a reverse to the
down side for GBP/USD. The candle that closed this week
seems to signal a reversal confirmation to this trend by
having found support at the lows of June 2016, thus,
indicating a bullish trend continuation.
Further confirmation for a bullish reversal can be seen in the
MACD divergence, as well as renewed...
Long term analysis for EUR/USD.
I hope that I will be able to explain the depicted 'chaos' on
the chart in words for everyone to understand, if you have
any questions let me know.
Currently price is at 1.1655, this was a very significant
level for price to close yesterday as its just above the bearish
candle from 21.05.2018, hence, indicating that the 1.1550...
Finally, a decent long opportunity for GBP/USD. A bullish
Crab Pattern has emerged, however, there is still a chance
of price dipping lower once more, especially with all the
upcoming news as well as tomorrow's BoE interest rate
Nonetheless, technically at least a long opportunity is
available, note also the bullish divergence on the MACD,
Bearish AB=CD pattern for USD/JPY. Before entering a short
trade please be patient and wait for the current 4 hour
candle to close.
Price may still reach the weekly R1 above, however, as long
as price does not close above 111.08 the AB=CD pattern
Trade short 1 (RvR ratio 2:1)
Entry: Close below 110.50 (or at market but only as long as price...
Long term view of USD/JPY with a projected bearish
sentiment in conjunction with a projected bearish Gartley
pattern. Ever since the bearish 100 & 200SMA cross over
last August, price has been unable to close above the 114.00
level and since then has dropped well below it. Now, price
is struggling to close above the 111.00 level, and even if it
managed to close...
Bearish long term look for USD/JPY
USD/JPY got rejected at a very significant level of Fibonacci
confluence, namely the 38.2% retracement from 98.787 to
118.662 and the 61.8% retracement level from 114.737 to
104.641. If this weeks candle closes near to where it is now,
a bearish trend continuation seems inevitable.
The first trade opportunity presents itself...
Now that the Fed data and interest rate decision is through,
its time to look for some trade opportunities. On the 6 hour
time frame I was able to draw the bearish Gartley Pattern.
Looking at the RSI divergence and general overbought
conditions, a retracement to the downside has presented
itself. The week has almost ended, thus, it is probably wisest
GBP/USD is currently in the process of going to test the
1.3300 level as support. As it is the 78.6% retracement from
1.3254 to 1.3473, a Gartley pattern setup seems viable.
If price does not reverse at the 1.3300 level, then the next
potential bullish reversal level would be the 1.3279 level,
which is just above point C of the adjacent Bearish Bat
Two possible long term scenarios for GBP/USD.
In the first scenario, price action would grind its way up to the 61.8%
retracement level at 1.3929 (measured from 1.4377 to
1.3204). Once there a possible bearish 2618 trade could
emerge and price would reach down to the 1.2849 level,
which of course is the 61.8% retracement level from 1.1905
A bullish Shark Pattern for USD/JPY on the hourly time frame
may seem indicative of a bullish trend continuation, but
may also turn out to be a bull trap. Price action was very
interesting for USD/JPY this past week. After price broke
above the upper resistance trend line it rallied to the
110.00 level where it ultimately met a lot of resistance.