Gbpjpy_outlook
||THE STRUGGLE FOR CONTROL ABOVE 142.2X (GBPJPY)Since start of 2021 we had highs on GBPJPY hovering @141.2x struggling to break above , but failed at (X-1) we have push lower for sellers to cover up some loses towards the last lows @139.5x and the lows held strong at (Y-1)
Bullish momentum kicked in at (Y-1) enabling buyers to take control upwards for another re-attempt to break the last point of resistance at (X-1)
but it held strong forming a new zone (X-2)
While at (X-2) we had a pullback 0.61% retracement to get a bounce in buyside liquidity to break 141.2x which broke out and created new highs @s142xp
Similar pattern happening again , so expecting a 0.61% retracement at (X-2) creating a bounce for price to push above 142.2x towards around 143.4x
risk:
1-3 risk reward both on buys and sells
X- INTIAL HIGHS
X-1- FIRST ATTEMPT TO BREAK
X-2-SECOND ATTEMPT TO BREAK
Y- INTIAL LOWS
Y-1-FIRST ATTEMPT TP BREAK
Pound/Yen-bull run failed!!! -Analysis - Pre-London - 21Jan2021 Please check the chart for the description.
GBPJPY, Breakout trend line, longGBPJPY, Breakout trend line and Bullish Continuation! Watch out Friends!
GBPJPY LONGReasoning for taking GBPJPY Long.
1. Daily and Weekly shows that we are at a double top area. (could be a strong reversal point to the downside)
2. 4hr still looks bullish. break of structure to the upside.
3. 61 fib retracement level held for potential upside continuation.
4. Potential upside target is at the very top of the double top area.
GBPJPY: The completion of the Diagonal PatternThe pattern has finished in the range of 142.26, we are waiting for a large drop in this currency. This analysis will be violated, if the price crosses the level of 142.72.
GBPJPY: The probability of Diagonal pattern formation In the daily chart, by checking the details of the waves we can see that wave i from the sub-waves of wave 3 has completed in the range of 133.04, we are currently in wave ii.
In the 240-minute diagram and in the details of wave 2 from sub-wave C, a diagonal pattern is forming which we can consider it as a terminated wave in the range of 142.03.
To confirm the main downtrend, the price needs to cross from the range of 139.51 with 5 descending waves.
GBPJPY under Pressure of Resistances (Ready for Bearish)Here in Gbpjpy, i've mentioned the level @141 as selling point for 200+ pips for today if it fall otherwise the above area i've taken the familiar trend line & from 142 approx considering the proper sell area in which fake design will occur (this is in case if today it isn't fall down). All other supports & resistances are mentioned there. Best of luck with GJ.
I HOPE THIS ANALYSIS GIVES YOU THE BETTER IDEA TO DO BEST.
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P. S. I personally open a Trade when i find entry point according to my strategy, Always make your analysis before a trade.
The Single Best Trade for 2021... and beyond.
This trade naturally stands the reason. It is the worst G10 currency prospects versus what's still the most stable("best") G10 out there.
While Japan continues to maintain a healthy Account Surplus (for several decades by now) the UK decided to inflate the BoE's balance sheet to the tune of 120% of GDP, in just a few short months.
This fact alone justifies a complete re-pricing of this cross, without the need to speculate on the impending doom of the UK, a debt-ridden, rapidly aging, outpost (and Not just because of Brexit - which is a day late and a dollar short!) that is currently dying in the pandemic (economically and in the literal sense) faster than any other country in the developed world.
E.g. a total and rapid repricing of this pair is inevitable. (... and as we all know that, this pair can do that faster/better than any other pair in the majors!)
Here is the Monthly outlook
- And for those who wondered "what the 2nd best trade could be"...;
