A medium term bearish forecast followed by a long term
bullish trend continuation analysis for GBP/JPY.
Currently price seems to be in the process of forming a Falling Three
Method candlestick pattern, as price found enough support
at the 50 SMA. A rejection at 150.841 by the end of this
coming week will probably set in motion the continuation
of the medium term bearish trend.
If price breaks below the support trend line, then target
137.990 below. Should price find support here, thus
resuming the bullish trend, the next long term target level
would be the 168/169.00 level, which is the 61.8% Fib
retracement level of XA, as well as being the measured
objective target of the measured move AD.
Trade 1 short (RvR ratio 3.82)
Entry: Close below 146.900
S/L: 149.230
T/P: 137.990
Trade 2 long (RvR ratio 10.6)
Entry: Close above 137.990/138.00
S/L: 135.00
T/P 1: 156.608 (previous resistance)
T/P 2: 169.812
As always, scale out your profits and adjust your stop/loss
to suit your personal risk management profile.
Happy trading
bullish trend continuation analysis for GBP/JPY.
Currently price seems to be in the process of forming a Falling Three
Method candlestick pattern, as price found enough support
at the 50 SMA. A rejection at 150.841 by the end of this
coming week will probably set in motion the continuation
of the medium term bearish trend.
If price breaks below the support trend line, then target
137.990 below. Should price find support here, thus
resuming the bullish trend, the next long term target level
would be the 168/169.00 level, which is the 61.8% Fib
retracement level of XA, as well as being the measured
objective target of the measured move AD.
Trade 1 short (RvR ratio 3.82)
Entry: Close below 146.900
S/L: 149.230
T/P: 137.990
Trade 2 long (RvR ratio 10.6)
Entry: Close above 137.990/138.00
S/L: 135.00
T/P 1: 156.608 (previous resistance)
T/P 2: 169.812
As always, scale out your profits and adjust your stop/loss
to suit your personal risk management profile.
Happy trading
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.