GJThis pullback is adding to our judgement that it'll melt. You can close some trades in profit and wait for the reversal to finish.
Gj
GBPJPY Potential Forecast | 2nd March 2023Fundamental Backdrop
1. BOE continues to face higher inflationary pressures which will prompt the BOE to take on a more hawkish stance in the market.
2. BOJ continues to ease, dovish stance is continued.
3. This interest rate differential continues to be a key factor in the appreciation of the GBP over the JPY.
Technical Confluences
1. Price is still on a bullish trend forming higher highs and lows.
2. Price is resting well above the ichimoku cloud, signifying bullish intent in the market.
3. Price retraced to the key H4 support level at 161.7 and continued bullish and is currently flirting the level at 163.7.
4. Price can potentially head to the lower timeframe support at 162.8 before heading back up.
Idea
Will be looking for price to tap into the support at 162.8 before continuing its bullish trajectory where longs will be taken upon proper confirmation.
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GJWe add more trades and ride this the whole way down. We do not stop and we enter with caution, we are money managers and not gamblers. SO FOLLOW YOUR PLAN.
GJstopped out, but does not mean that we are completely out. We just have to wait for structure to complete the current phase of the cycle it is in before setting new trading goals for the week.
GJwhen you hit 3 trades in a row, it feel like jesse livemore !!
seriously tho middle long trade was based on DiXY strength hence Yen weakness, the last was based on DiXY overbought breather & more imp Sunak’s monday meeting for Ni protocol reforms. worked better than i expected in target & time range. boom boom.
expecting it to top around 166.40/70 for consolidation.
Shorting GJGJ sell idea, based on the 3rd touch on a large daily/weekly timeframe trendline, target can be reasonable in size due to the strength of positioning as well as alignment to other Yen pairs at this stage.
GBPJPY LONG ✅GJ is retesting a support zone, I expect a push up to the upside toward highlights zones in the next couple days. BUY!!
ASIA: GBPJPY 618 LIMIT W ATR SLPrice in a clear uptrend with GBP showing overall market strength. Price is moving quickly and I had to hurry and set a 618 limit buy order that got hit before I knew what was going on! Lets see what happens. Looking for at least 2R to start the week
WC0123 GBPJPY Outlook: Bullish til price action proves otherwiseMTF Analysis
Check annotations in the anchored notes for M-W-D-H4-H1 analysis.
GBPJPY - At a CrossroadHey there!
Gj is my favorite pair, such a nice volatile pair to work with, but lately it's been acting pretty crazy, that's why I haven't talked about it so much.
But, price is at an interesting spot right now. See this 160 level, it used to be a support in the recent past, and a strong one. It's been hit several times between last june-september. Then we had a squeeze short that went to grab all the 150.00 level's liquidity to go hit the ceiling at 170.00.
We broke back down 160.00 last december and since then we're ranging, between 155.00 and 160.00. Since december, we've hit 160.00 about 5-6 times and now we're getting the 7th one. But this one is different, see, JPY has been really weak lately, and also, it's been more volatile than GBP. You can see this by analysing the last swings of both currencies, check it out :
If we take last swing of each currency against the dollar we have :
GBPUSD last swing from 14/02 tu 20/02 => 2.85% variation
USDJPY last swing from 14/02 to 20/02 => 4.09% variation
So, this means that, for now, JPY is more sensitive to dollar than GBP is, so JPY is weaker than GBP against the dollar. In other words, in a situation like this one, if USDJPY is going up, so is GBPJPY.
In a previous analysis I was showing a potential rebound of USDJPY this week. If it was to happen I would look for a potential break of the 160.00 level but, I would really like to see the price to retrace a little bit before, to get a nice entry.
The situation :
1) We're ranging
2) GBP stronger than JPY lately
3) We're touching the top of the range, 7th touch
4) There's a huge imbalance just above the 161.00 resistance, if price was to break it would be vaccumed up to 164.00 - 165.00
5) We're waiting on a retracement with USDJPY, and it's been corelated with GJ lately
So, this one is not a textbook trade that's for sure. But, I know GJ, and right now, it looks like it wants to go get this 161.00 reistance. Ultimately, we'll let the market decide what it wants to do, and we'll be ready for what happens then
Cheers everyone and happy trading!!!
GbpJpy - Manipulation Point Trading Bias: Open
Market Cycle: n/a
No real valid market cycle,, a retracement of Tuesdays news is now complete..
I am long biased due to PA and the overnight rejection of the wkly low level, either from the weekly low at 161.23 of a backside trade on 162.07..
GbpJpy - Manipulation Point TradingBias: Long
Market Cycle: 2
Still long on GJ,, Looking at the 162.08 level it's a KL on the Daily, weekly, monthly TF's..
We're trading inside the 1h fvg, so theres potential that it moves bullish at anytime, I will only be looking for LQG on the MP's for the safer entry position's..
ASIA: GBPJPY REVERSAL/ABCD/EXT - MOMENTUMPrice has met all criteria for our 'reversal setup' and on top of that, price is hanging around the higher timeframe fib extension and ABCD completion levels. Lets see if ASIA can give at least give us a 2R idea in the bag
ASIA GJ BOBBI ON IB MOMENTUMIn confluence with other JPY pairs, GJ seems to be for action with a multitude of presented playbook setups. We will go with a break out break back in of supporting structure with an inside bar break entry. If works, has high potential to swing for higher targets
GBPJPY sellAfter our Trade from yesterday, we have a new setup for today. Asia closed good. The price will spicke into our OB or even session high and then probably drop.
If you want you can wait for a confirmation on a lower time frame, where you search for a ChoCH and an OB.
$JPYBASKET is also about to hit our OB so that a reversal has a good change to happen.
But I will enter directly when it hits our OB.
Entry:162.050
SL: 162.200
TP1: 161.472
TP2: 160.500
TP3: 160.150
Would not recommend to risk more than 1%.
Please like and comment what you think!
ASIA GJ H&S/LIBRA/BO ON MOMENTUMIn line with previous entries, GJ seems content to continue bullish push by painting a Libra Setup with momentum break out bar. Aiming for at least 1:2 RR and further liquidity sitting further above 161.500
LONDON: GBPJPY REVERSAL - MOMENTUMGJ has produced one of our favorite playbook setups! the 'Reversal' with all conditions met to enter trade on a momentum shift to the downside. Lets see if we can at least hit 2R on this one
GJ SELLFinally we hit our OB and now we have a CHoCH, and a new OB for an entry.
Entry: 161.624
SL: 161.755
TP1: 161.3
TP2: 160.500
TP3: 160.155
Wha do you guys think? Please like and comment what you think!
Thank you and have a great start in the week!
GBPJPY longs soonWith the current rate of the market, there is confident supply and I believe Gj will push to the upside soon.
GJNot going to take it, just going to monitor it and watch it over the day. I would rather look for a better entry next week. I do not like holding trades over weekends due to broker regulations.
