GBP/JPY August 12th 2021 FORECAST
Hello fellow traders,
This is my daily forecast for GBP/JPY pair. On the Daily we can see that we have been ranging for the last 4 days, 5th is going right now. I really hope we break out of this nasty range as it is not beautiful to trade at all. I am kinda on that kind of vibe that I would better let the dust settle and wait for the GJ to break out of this range. But I did some analysis anyway, being very cautious of trading this pair right now.
I marked no trading zones as X. I see 153.000 - 152.919 as no trading zone because on the left there is a ugly range. I would take cautious sells 152.918 down to 152.743 as my Target 1. I see it as target 1 because after it there is many wick rejections and looking like a support level, where I see no trades to be taken from me. I dont wanna buy this market right now because I think we are lacking the momentum and I am not comfortable buying in the range only selling because I see selling as more potent.
I would take cautious sells 152.579 to 152.371 we have some clean candles to the left inside but also a little range. So I would be very cautious, only enter with momentum or a pattern proof. I would take cautious buys 153.252 to 153.418 as we have clear direction to the upside there, if we do get there that means we basically have broken out of the range and we are ready to move to the upside.
This was my forecast for today on the GJ pair, it was pretty straight forward as we have nothing to see here much besides that NASTY NASTY range :D!
I hope you guys are doing well and have a great day, I thank you guys.
LoneFX
This is my daily forecast for GBP/JPY pair. On the Daily we can see that we have been ranging for the last 4 days, 5th is going right now. I really hope we break out of this nasty range as it is not beautiful to trade at all. I am kinda on that kind of vibe that I would better let the dust settle and wait for the GJ to break out of this range. But I did some analysis anyway, being very cautious of trading this pair right now.
I marked no trading zones as X. I see 153.000 - 152.919 as no trading zone because on the left there is a ugly range. I would take cautious sells 152.918 down to 152.743 as my Target 1. I see it as target 1 because after it there is many wick rejections and looking like a support level, where I see no trades to be taken from me. I dont wanna buy this market right now because I think we are lacking the momentum and I am not comfortable buying in the range only selling because I see selling as more potent.
I would take cautious sells 152.579 to 152.371 we have some clean candles to the left inside but also a little range. So I would be very cautious, only enter with momentum or a pattern proof. I would take cautious buys 153.252 to 153.418 as we have clear direction to the upside there, if we do get there that means we basically have broken out of the range and we are ready to move to the upside.
This was my forecast for today on the GJ pair, it was pretty straight forward as we have nothing to see here much besides that NASTY NASTY range :D!
I hope you guys are doing well and have a great day, I thank you guys.
LoneFX
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