GBPJPY LONG (4HR)Hello, right now price is making an impulsive move and we want to see price break and retest, as price is on a sensitive area where it has tested as support and resistance several times in the past so we know price moves in three direction impulsive, correction and continuation. As of now we are in an impulsive move but hope to see correction and continuation to the top break major trend line and then a bearish move although that could take sometime. Basis made on market structures
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Gbpjpyprediction
GBP/JPYThe British pound initially fell against the Japanese yen during the course of the trading week. However, we rallied quite a bit to reach above the ¥152.50 level, and a closed near the ¥153 level. This is a market that will probably go looking towards ¥155 level, as long as we have more of a “risk-on” attitude out there. If we do not, then it is possible that we could turn around and break down towards the ¥150 level, an area that I see a lot of support in. Either way, I think volatility is the only thing that you can probably count on.
GBP/JPY - SellWeekly:
1. Double Top
2. Neckline brake
3. Pullback to Test Neckline
In best case expect a little more up movement.
But at all this timeframe looks bearish
Daily:
1. Impulse
2. Brake previous support
3. Healthy correction
4. Reach Fibonacci and Daily Resistance zone
Expect another drop. Looks bearish like Weekly.
4H:
1. Clear impulse
2. Deep correction
I will wait for brake of correction line and will sell on test.
GBPJPY top-down analysis Hello traders, this is the full breakdown of this pair. We will take this trade if all the conditions are satisfied as discussed in the analysis. Smash the like button if you find value in this analysis and drop a comment if you have any questions or let me know which pair to cover in my next analysis.
GBP JPY - Why i am looking for Buys?#GBPJPY Analysis for the week. 6th March, 2022
From the Weekly timeframe, Price has gotten to the Demand Zone that broke structure on the left. While Price was on the way to retest the Zone that broke structure to the upside, it gave us the M-Pattern thereby giving us reasons to start looking for buy opportunities to the red target line
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