GBPJPY 30 Aug - 3 Sept Outlook and Trade Plan
It's NFP Week!!
1- Monthly structure still holding bullish and bouncing from 148.50 level. We are having 3 bearish candles since reaching year high at 156. This causing GBPJPY any up move is treated as a pullback until we have a close above 153 for the bullish momentum continuation.
2- Weekly is ranging between 148.50/153.40 with previous weeks are showing bearish structure within the range. Until we have a close above 153, GBPJPY will be bearish and any up move will be treated as pullback. Previous week was bullish but failed to close above 151.50/67 which is previous support, a close above it can give a nice push to retest 153.
3- Daily structure still bearish after reaching yearly high with LL/LH formation. Last support formed looks to be a double bottom which pushed price to retest above 151 and barely closed above it. Friday push failed to close above the recent resistance at 151.40. Until we have a daily close above the recent resistance, another push to the down side will be in play. A close above 151.40 will give a nice push to retest 152 with consideration to 151.67 the Weekly and daily support level currently acting as resistance.
I’ll be looking to the following:
Long: a support formation above 151.40 targeting 151.67/152
Short: A close below 150.50 will confirm the bearish momentum continuation for a retest to 150/149.50
News:
Its NFP week on Friday, so expect the unexpected till Friday
GBP: Wednesday and Friday will have important news
JPY: Monday and Tuesday will have important news
1- Monthly structure still holding bullish and bouncing from 148.50 level. We are having 3 bearish candles since reaching year high at 156. This causing GBPJPY any up move is treated as a pullback until we have a close above 153 for the bullish momentum continuation.
2- Weekly is ranging between 148.50/153.40 with previous weeks are showing bearish structure within the range. Until we have a close above 153, GBPJPY will be bearish and any up move will be treated as pullback. Previous week was bullish but failed to close above 151.50/67 which is previous support, a close above it can give a nice push to retest 153.
3- Daily structure still bearish after reaching yearly high with LL/LH formation. Last support formed looks to be a double bottom which pushed price to retest above 151 and barely closed above it. Friday push failed to close above the recent resistance at 151.40. Until we have a daily close above the recent resistance, another push to the down side will be in play. A close above 151.40 will give a nice push to retest 152 with consideration to 151.67 the Weekly and daily support level currently acting as resistance.
I’ll be looking to the following:
Long: a support formation above 151.40 targeting 151.67/152
Short: A close below 150.50 will confirm the bearish momentum continuation for a retest to 150/149.50
News:
Its NFP week on Friday, so expect the unexpected till Friday
GBP: Wednesday and Friday will have important news
JPY: Monday and Tuesday will have important news
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