Gbpjpy_outlook
GBPJPY: Unbelievable SetupAs you can see, this morning price wicked into the demand area only to collapse.
This would suggest to me that the current break and re-test buyers will be wiped out of the market.
Once we see this liquidity taken, we can begin to buy into our area of interest.
Please see the related idea below to get a picture of what we are trying to do.
GbpJpy- Trade the breakAfter reaching 156 high, GbpJpy started to drop.
The drop is corrective in nature and has stopped in 149-150 very strong support
At this moment the pair is trading around 153 resistance and a break here could lead to acceleration to the upside.
I'm looking to buy for 160 target
GBPJPY ANALYSIS (sell)The price is failing to is finding resistance at the upper line of the ascending channel and is failing to create new highs.
In addition to that the price is also creating a head and shoulder top reversal pattern which when combined with the ascending channel setup
gives as a reason to consider for short trades. We set our pending orders below the current support line expecting the price to come there
and get us into the market. Our entry and exists are as indicated on the chart. We know what we are doing and we do what the market is doing. This is more than an institutional analysis.Invest wisely. Thank you for following NewJerusalemForex on Tradingview.
GBPJPY 15MIN TIMEFRAME ANALYSIS (sell)We consider selling this pair if the price fails to form a new high and we will buy if it breaks the current resistance right away. the entry and exits are indicated on the chart. We know what we are doing and we do what the market is doing. This is more than an institutional analysis. Invest wisely.
Long GBPJPY Long GBPJPY - Swing trade idea.
I have bought GBPJPY at 151.35 as I feel this move lower is now exhausted. No interest in getting too carried away during this risk off mood, however I feel the run has gone a long way and if we had to see the dollar start to fall, that would cause GBPUSD to rally pulling up GBPJPY along with it. On the other hand, if the USD stays bid, this will cause USDJPY buying thus putting pressure on JPY strength and hopefully cause USDJPY to make a decent retracement higher again taking GBPJPY along for the ride.
Long GBPJPY - 151.35
TP - 156.00
SL - 150.70
GBPJPY - Push Before CollapseThis pair looks healthy for an upside push before we see a strong bearish sell-off. My first upside target would be the imbalance fill, the second target is the previous high.
Once we see rejections at these points we can flip the bias to sells and look for long term bearish trends.