GBPJPY 23-27 August Weekly outlook and Trade Plan
GBPJPY1- Monthly looking heavily bearish and the close of this monthly candle will be very important for the bullish structure as if we closed below 151 this will be a confirmation for break of structure.
2- Weekly solid bearish close 2 support levels 151.50 and 149.70 confirming bearish momentum continuation. Currently GBPJPY is at the weekly range low since March 21 which is a critical zone that price always bounce from. A close below that range will confirm that the bullish trend is over and we could be preparing for a deeper correction to the down side, also that close will lead the monthly candle to confirm break of bullish structure. On the other side, a support formation above the weekly low will be a counter trend trade opportunity for longs on anticipation that the previous rejections from the weekly low are still in play for a move to the up side that is limited to 151/151.50 for the current bearish momentum continuation.
3- Daily structure continuing the bearish momentum that was built up during every bounce from a new low created. A resistance formation below the weekly range low will be required for shorts targeting 147.40. A higher support formation above 149.65 will be required for any pullback to 151/151.50.
Currently I’m looking for the following opportunities:
1- Possible longs on support formation above Weekly lows targeting 151/151.50
2- Possible shorts on resistance formation below weekly lows targeting 148.30/147.40
News:
This week we have important news for GBP only on Monday by 9:30 and JPY on Wednesday and Friday. Map your news time in your daily plans.
Weekly Chart:
Daily Chart:
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