I'm going to be patient for this one, price has broken the trend and retested, however I'm waiting for a Moving Average crossover as I might get caught out by ranging price action.
I'd say the 0.5 Fib level would be a good place to put a TP, but if you're feeling adventurous you could go for the upper resistance around the 100% Fib range.
This is a bit of a backtrack from my previous GBPJPY prediction, but I have now noticed a few things.
Rebounded off resistance,
Moving average crossover imminent,
Bollinger band moving outwards showing market getting louder
Be careful of a retest though.
I'm going to wait for a strong bullish candle before I definitely go in, or I'll just wait for...
A to B leg touches 0.618
B to C leg touches 0.618
C to D leg looks like it'll reach the 0.786 (Fib retracement) or the 1.272 (Fib extension) level
You can sell at either 146.843 (0.786) or 147.051 (1.272)
Stop loss set at the 0.5 extension level
Take profit set at the X point
Good luck! Hopefully this pans out.
So we see that the general trend is upwards and is channeling. There are possible zones of support and resistance indicated by the Fibonacci retracement areas.
Although we see a clear upwards trend, I think that upon reaching the blue line (the highest resistance in past months ( you might see what I mean if you scroll left )), we may very well see the...
The 2 hour USDJPY chart currently shows a downtrend which is channeling, it also fits in line with the Fibonacci Retracement indicator.
I expect the price to move up to 112.947 and then rebound downwards again.
Hopefully it works out, good luck!
The GBPJPY has been on a noticeable downtrend which I think is set to continue along the channel lines shown.
The colours of varying colour and intensity represent how likely it is that the GBPJPY will continue its decline.
Of course, there is the possibility that the pair will surprise me as always and go back up, and if it passes the red line, start preparing, ...
I think the EUR will continue depreciating and appreciating against the CNY as shown by the general trends it seems to be following. There's consistent, although there's not 100% contact with the support and resistance lines. Maybe like 90%?
So hopefully it continues along this trend!
Critique away please :) .
Hi, new here. first time making a graph. Please critique and amend like your life depends on it.
Well from previous data, the EUR/JPY usually hits the support at around the same price level (sometimes lower) and consistently rebounds to the same resistance with similar slopes. So I expect a similar appreciation of the Euro against the Pound.
What do you guys think?