GBPJPY - 4-8 Oct Weekly PlanGBPJPY - 4-8 Oct Weekly Plan
Monthly:
With Sept close bearish below recent monthly support at 151 and Monthly resistance from April 2018 at 150.50, I would expect more down side continuing the current bearish pressure.
Weekly:
Previous weekly solid bearish close confirms the bearish pressure on GBPJPY and any pullback failing to create new high and get rejected from recent resistance. Looking for this weekly candle to have more to the down side continuing the previous week bearish momentum. A weekly close below 149 needed to confirm a solid bearish momentum and a deep fall is under the way.
Daily:
Bearish structure is respected every time we have a bounce from 149 with a LH formation which confirms the bearish momentum we are in since we reached yearly high at 156.
A range is established and became clear on GBPJPY at 153 range high and 149/148.50 as range low. A break of that range needed to have a clear direction away from the current range that is shrinking every month.
Friday daily close is solid bullish bouncing from 149 support, still early for looking for longs until we have a HH/HL formation on daily. Every bounce from support is for me an opportunity to look for shorts are resistance areas as long we don’t have a HH formation.
News:
No major news for GBP this week, some for JPY. But the main is NFP on Friday. So be cautious for moves prior to NFP day in preparation/anticipation/ repositioning of big players.
Note:
I was watching GBPUSD lately for correlation with GBPJPY, GBPUSD broken a HTF structure and looking now if it did hold below 1.36 for a deep move to the down side which I think it will be the trigger for GBPJPY for breaking 148.50 for a deep move.
Daily Chart:
GBPJPY
