Gbpjpy_outlook
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.
GBP/JPY hits the channel resistance, possibility of a dropGBP/JPY has rallied strongly yesterday. However, the bulls are taking a breather now.
Looking at the 4 hour chart, you can see that price has reached the channel resistance.
If this bearish price action persists, selling GBP/JPY@153.75-154.25 with SL above 154.70
and TP at 150.50 would be a possible sell set-up.
GBPJPY - Collapse IncomingThe collapse of GBPJPY has been brewing for a while now. Liquidity is being purged as we come closes to the previous highs, freeing up space for the banks to make a move.
Ideally, I would like to see one more push up before we begin to target some of the higher lows that have been created on the way up.