Get started

Gbpjpyidea

GBPJPY short trade ideaPlan: wait for the price to bounce off from key resistance level --> wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Short
by GWBFX
1
GBPJPY - WHERE IS IT GOING NEXT?HOW MANY LINES DO YOU DRAW ON YOUR CHART TO UNDERSTAND WHERE THE MARKET IS GOING NEXT? I am not a big fan of messy charts, full of lines, channels, Fibonacci, blablabla... The list can be really extensive. For FX:GBPJPY pair, it has been rising for the last 4 months, non-stop. We can see RSI indicating it is overbought and OBV showing divergencies vs price movements. It has also reached a strong resistance trend line, coming all the way from 2016. It has also touched a strong resistance level, which has put the price down on the last days of February. On top of that, it has reached the top of a rising channel. Which I expect to hold and drop the price to support levels. My take is that price will revisit this strong resistance level and continue its way down... Nevertheless, it needs a correction from the 4-month rise. I expect next week to form a strong red candle. WHAT IS YOUR BIAS? Please share with me below. HOPE YOU HAVE A PROFITABLE WEEK! Let's go!
Short
by Gaspar_Trader
2
GBP/JPY Wait For RetraceThe previous trade I posted on this pair went very well and hit TP. This is now at a large resistance level and has been overbought so I want to see a retrace before taking another position. RSI is showing overbought on daily and weekly timeframes. There is a chance to open a short trade but I will not be taking that trade personally as I do not like trading against the trend. This could retrace to any of the Fibonacci levels before rebounding but it is worth keeping a close eye on 0.382 Fib as this aligns perfectly with previous structure. If there is a clear reaction to that price level then that may be a good price to long from. TP can be set at the previous high of 148.296 for a safer trade, as I said this is at big resistance so setting a TP above is risky. If you are willing to take that risk the net target can be 151.666
by olly48
GBPJPY short trade ideaPlan: support level breakout --> wait for the price to bounce off from resistance level --> wait for the rejection candle pattern to form e.g. bearish engulfing, pinbar, etc --> SELL **Disclaimer** the content on this analysis is subject to change at any time without notice, and is provided for the sole purpose of assisting traders to make independent investment decisions. Traders!! if you like my ideas and do take the same trade as I do, please write it in a comment so we can manage the trade together. _____________________________________________________________________________________________________________________ Thank you for your support ;) GWBFX
Short
by GWBFX
5
GBPJPY weekly swing short Hey fellow traders! As you can see, GBPJPY has been moving parabolic these past few weeks as it had broken a weekly downtrend trendline to the upside. GBPJPY has been respecting smaller timeframe levels on the 1 hour and continues to creep up; however, I believe that there will be some downwards pressure in the zone we are in right now. GBPJPY is effectively attempting for form equal highs with the tops of the two candles we saw peaked in December 2019. The strong move into this zone of resistance along with the form of a double top and multiple gaps to be filled from this parabolic movement has me convinced that we will see some intense selling pressure here. You can see that the weekly candle is already starting to wick near those previous highs and we have seen some down movement on the 1 and 4 hour timeframes already. On the fundamental side, there is more news circulating that the new UK Covid-19 strain may actually be more lethal than we originally anticipated, so this may serve as a catalyst to push down GBP pairs. I am already in a sell position that I entered at 147.517 and will be targeting 142.338 for 518 pips in order to maintain a 1:3 risk to reward ratio. I am also looking to enter another position if GJ pushes up to 147.965 since we also see heavy rejection far to the left around that zone and my stop loss for both positions will be around 149.261. If my second position is activated I will look to either peel partials or close that position around 144.277 for around a 365 pip gain while I let the other position run to my 142.338 target. Either way, there is at the very least 300-500 pips to be gained from this play and I am willing to hold for a week or more. I believe GBPJPY has to retest the zone around 141.611 that was previous weekly resistance it broke out of, so my targets are set before that area.
Short
by StealPipsSal
6
GBPJPY Short (Sell) Trade Daily SetupSimilar to GBPUSD, this pair is making it's way closer to a strong sell zone. In fact, there are two sell zones in close proximity. On lower time frames (2H + 4H) we can see price has been slowing down, accumulating buy orders and pushing up towards these key levels. From the two supply zones, the lower one is weaker and both are untested. Keep an eye on price action on lower time frames for any indications of a potential change in trend. We may not drop, we could fall into a range first, in which case, I will update with further charts.
Short
by AEFX786
1