Gbpjpy_outlook
Short GBPJPY under 153.000Today the GBPJPY should have turned back, by completing the 5th wave. However, due to the tension between the superpowers GBP has become a kind of safe-haven. If tomorrow or early next week the tension will ease, the pair should turn back towards, 148.000. If the tension remains, be prepared for 156.000.
This is only opinion, make your own analysis.
Be careful and keep an eye on the news an Twitter accounts. Good luck.
GBP/JPY Technical Analysis Current trend of the GBP/JPY Bulllish channel reached it's Bearish Support price @ 147.890. Now there are two possibilities for market breakout
* Current market price of the GBP/JPY brekout the price 147.890 then it will be to touch the untested support @ 147.090.
* There is a good possibility to retrace the price from breakout from the bearish to bullish positions to go long.
GBPJPY has potential to go higher!Trade as simple as AB=CD
HERE'S THE GOLDEN RULE:
* SELL when the price make a new "Lower HIGH"
* BUY when the price make a new "Higher LOW"
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GBPJPY DivergenceGBPJPY has been in an up trend channel for a while and all the while the indicators have not confirmed the move. As you will notice the MACD and the RSI have been making lower highs while the price action has been rising. This is the definition of divergence or non-confirmation which suggests that the rally will soon come to an end. A lot of times knowing when the actual high is upon us is the hard part thus making it difficult to execute a trade with confidence. That is where the rising channel comes into play. Price has made its way to the upper part of the rising channel and is finding resistance which if these levels hold will provide a ceiling from which price can move lower. At this point the risk to reward appears to be favorable for a short trade given the price action that we saw on friday. So long as price can stay below the recent high then I will be targeting the lower trend line.
GBP/JPY Long Opportunity...Triple Bottom...Channel BreakGBP/JPY has provided some incredibly easy trading opportunities over the past couple of weeks and it's time for another one.
Unfortunately I wasn't home when it hit the bottom of the channel earlier so I missed out on 150+ pips but it is what it is.
Currently, there is a triple bottom on the 4 hour as well as a close above the descending channel/flag. The Daily candle also closed above the previous day for the first time in a while and it closed above the channel as well.
I got an entry at about 148.7, right after a re-test of the channel on the 1 hour chart (since the 1 hour chart highly respected this channel as well with only 1 false breakout) and have since set my stop loss to break even and I will let this ride to around 150.
If price comes back down to re-test the channel I will look to see how price reacts there and while my bias at the moment would be a long, I will consider taking a short if price falls back inside the channel.
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