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.
Gbpjpybuy
GBP/JPY Signal - GBP Markit Construction PMI - 7 Jan 2021GBPJPY is trending to the upside this week prior to the GBP Markit Construction PMI, and we anticipate continued upside into this event. The data shows business conditions in the UK construction sector. Technically the pair is at the 50 moving average and above the 139.94 support level and we anticipate upside into the 141.210 level.
GBPJPY Holds Above 140.69 LevelSignposts summarized key chart details. Sell off from the 141.24 level continues to weaken. While 140.69 is a rather minor level, price is holding on this week's open. Pound traded higher despite Brexit news, which is expecting to hold given current price action. Aiming to see 141.24 resistance invalidate over the next couple of weeks.
[ Note that ideas published represent my viewpoints on structural directional movements. I do not post explicit trade parameters (i.e. entry, take profit, stop loss, etc.) as these are set to in reference with my expectancy. Since my win rate and R-multiple targets are different, ideas published are simply a resource to provide guidance. You are expected to manage your own trading decisions. ]
GBPJPY Bullish Order Flow Out of London GBPJPY created the daily low during London open by capturing sell side liquidity. It then closed a HHHC (higher high higher close) on the 4HR during NY session giving an optimal trade entry on the pullback. Price pulled back and re-accumulated on the 1min tf and never looked back. Target is the price imbalance that rests above on the 4HR. Now short term, order flow is bullish.
GBPJPY 4HRThe bullish break of structure occurred around the 137.90 handle. It's currently retesting the 137.90 handle where it's safe to place a short sell to minimum 136.385 handle. It should complete the D leg structure of Harmonics at that level and from there it should wise to place a buy, however in order for the bulls to get a stronghold it should break 139.813 handle.
GBPJPY - SWING - 30. NOVE. 2020Welcome to our weekly trade setup ( GBPJPY )!
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1 HOUR
Bullish pa and pressure.
4 HOUR
Price closed above main sr level.
DAILY
Expecting another push to the upside!
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FOREX SWING
BUY GBPJPY
ENTRY LEVEL @ 138.570
SL @ 137.910
TP @ 139.620
Max Risk. 0.5% - 1%!
(Remember to add a few pips to all levels - different Brokers!)
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Have a great week everyone!
ALAN