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Poundyen

BULLISH FLAG - GBP/JPY Hi Guys. Here is an idea. it might be a bit late and the price will never go back to this level in this particular setup. Bullish flag reaches it's target 90% of the time. Target is 145.000 which was a S/R in mid June First fibo retraced just below 23%, which formed the flag and then started to go up. Now, I'm expecting to see prices come down to 139.000 which is another 23% retracement and also test the GAP. Let's wait and see what will happen. I will only open a position if the price reaches 139.000 again. Give your thoughts about this setup. Thanks
Long
by AndreValentin
$GBPJPY | Structure Eyes 137.455 After Bullish MoveHello Traders, Here we have a Wolfe Wave & Geo structure that is pointing DOWN after the current bullish run. A couple of things to note here. 1. This Wolfe Wave structure is still speculative since point 4 has not been defined. But, with the use of Fibonacci Extensions and ab=cd patterns I have defined a probable level where point 4 can be found. Point 3-4 usually creates a similar ab=cd structure as point 1-2. which is what I would be looking for to define point 4. I have outlined a potential ab=cd pattern within the parameters of 3-4 2. The AB=CD highlighted in blue points to Geo's Off-Set rule at 5' which gives us a high probability target at point 174.527(point 4). The 1.618 extension of this AB=CD pattern also points to the same level giving 137.455 significance. 3. There is Fibonacci confluence between AB and CD. Point 1 A in the AB is also confluent with the 1.618 extension of the internal Fibonacci Extension. Not shown in the chart to keep it as clean as possible. In summary, what I expect to happen here is a completion of an ab=cd pattern to define point 4 and then the completion of CD in the larger AB=CD to define 5' at 137.455. Once this sequence is completed we will have a Wolfe Wave pointing to 174.527 at Geo's Off-Set Rule. Best, Chartistry
by GWaves
GBPJPY - 1h chart shorting progressionAfter the announcement this Friday, GBPJPY clearly broke many support levels and thus I believe it is safe to enter in a short position. Expecting pair to retrace before it breaks 158.4 (on the 1h chart its heavily oversold (Note: my RSI bottom is 20). From my analysis I expect a retrace to the level of 160.0 where it meets a strong RESISTANCE and 0.5 FIB LEVEL ! Enter short there as it could be a great entry with low risk and high reward (can be seen from chart). I do believe the 158.4 level will be broken, however do not underestimate it and keep an eye out, any bounce after the retrace (in my opinion) signals clear rejection and I would TP. It is worth mentioning that it is not impossible for the pair to directly break 158.4 level so keep an eye out for that as well. Safe and successful trading!
Short
by managingchaoscapital
Gartley & ABCD on GBPJPY Daily TFThe current trend is controlling by bear which is pretty obvious concerning the fundamental issue. So I'm expecting the market may fall more. There is also a Gartley completing around 171.5 and a ABCD completing around 171.12 which can be a good point to buy the pair. But before that, let us have to wait to break the golden ratio 61.8% which is around 176. Else, we may end up another upward movement soon. Recommendation: Buy from 171.50 SL 167.50 Target can be 178.00 & 183 Good R:R can be found.
Long
by IamMuffee
2
Bearish ABCD Completed on GBPJPY 1H TFHey there, as we can see Pound is pounding Yen in last two days. Some positive data took it this high where ABCD Pattern completed at 181.39-40 area. Which is giving us indication to have a short entry. I took two entry from this pattern though I need to make sure this pattern is being respected as it is still in the PRZ. My entry will be shorting from 181.40-45 SL 181.95 target is around 180. But lets not forget even if NFP effect has been ended (Usually it follows USD while NFP), market is still moving high and may take our Stop. So I hope you put your lot effectively. Also don't forget to trail your profit since we're going against the trend.
Short
by IamMuffee
11