GBPJPY are we seeing a new breakout? Hi, traders and TradingView community. The GBPJPY is on our radar today after a solid session from buyers yesterday.
Flash manufacturing and services PMI data came in better than expected and, combined with a mainly weaker yen, gave the GBP a nice boost. Buyers added 1.18% yesterday and broke above resistance, which has started to confirm a breakout of ascending triangle pattern. Breakouts from consolidation patterns can be seen as a good thing, as price has had plenty of time to build momentum.
The next thing we are looking for is further upside that can test or break the downtrend and resistance point (black box). If reached, we would also like to see the old resistance level become support for future seller tests.
164.20 could become resistance; much further above, 168.90 is also seen as possible resistance.
160.50 is seen as short-term support on the current upswing, and we would like to see 162 – 161.80 become support if tested.
If we see price move back into the previous consolidation pattern, this could be a worry. We would like to see new higher lows set up on or above the breakout point to continue to show that buyers hold momentum.
Good trading.
Forexmarket
UJ made a retracement. I'm looking for Bullish movement!After Top- Down analysis i'm looking for UJ to move to the upside.
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💁♂️EUR/USD 1H HI✌ As you can see, in the 1-hour time frame, the possible scenarios of EUR/USD are shown in the chart. In my opinion, in the long term, there is a possibility of further price correction to the range of 1.059/1.052.
❎ (DYOR)...⚠⚜
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AUDUSD Short Swing Trade SetupWeekly timeframe;
-Market structure is still downtrend
-Weekly Engulfing candlestick
Daily/4H - structure is also a downtrend
Right now , I am waiting for a pullback/retracement into either 0.70000 or 0.70450 area.
Then, wait for entry pattern like at least 30M Engulfing or some kind of strong rejection.
Target profits ; 0.68800 and 0.68000
USOIL OUTLOOKWith NFP being released this week Friday, WTI has yet again maintained a strong supply level at 81.87, this take us back to the monthly time frame where there’s been more buying pressure and shift of sellers momentum on the weekly time frame.
If 79.50 holds as a solid resistance, we could see price fall towards 78.10-77.43 range where I would anticipate a buying opportunity if respected.
With price closing below previous support at 79.50, if support is respected back above 79.50 level, I would anticipate buys towards 81.87-82.35 range.