GBPJPY has been on a roll for a while now.
If we look at the 4H timeframe, i believe we can expect a short retracement. From there, I will look at the RSI to decide again when to enter the market.
I will also be watching out for other macro news to see how it may affect this ccy pair.
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Based solely on the technicals, I will wait for it to decline till it's support before going long. Based on RSI, it seems to be declining. Will wait for a reversal before going long.
Based on the fundamental analysis, I guess its still pretty average (yet to compare against industry average).
It seems like the ccy pair failed to break out of the channel previously and now has bounced off a very strong support level which used to be the highs back in 2016.
I am expecting a continued uptrend for this currency pair. However, I will wait for the price to cross the .619 fib retracement level before going long
ccy pair is currently trading at a strong support, am expecting a huge push uptrend next. What do you think?
To decide when to enter the market, I will wait for a strong signal on the 30M/1H timeframe when the price crosses 1845.86
Based on the previous trends, it has always been a false breakout of the channel's resistance. What I will do now is to wait for the price is retrace back to the channel's resistance to check if it holds/if the breakout is true. If false, then to go short and aim for the strong support
If we look at the daily timeframe, we can observe that the price has broken the channel resistance with a strong bullish candle. What I will do now is wait for a retracement back to the previous channel resistance to see if it holds. If it does, then i will go long again
possible downtrend for now but am expecting ccy pair to rise in the long term.
Will probably wait till a clear reversal sign (probably hit the .619 fib retracement or even the uptrend support) then go long