Thread: Gbp/Jpy
There's a strong downtrend going on atm. All the highs are on a trendine. This makes it easier to see when the downtrend will be over. Right now a cross above 124.63 will signal a stop and potential reversal of the downtrend. That's a good price to buy. Until then, remain short and watch closely if price managed to close below 124.10-124.00 levels.
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If a M15 close above 125 buy only and do not sell. If price closes back below it again do nothing.
If a M15 close below 124 sell only and do not buy. If price closes back above it again do nothing
The range 125 and 124 is neutral area, any trade done in between is personal decision and not part of this analysis
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The GBPJPY remains confined to a channel (which was broken after intervention earlier in the month but it seems to still hold weight). As long as the channel holds, favor the downside. Additional weakness exposes the March low at 12218 and then the 2009 low at 11880.
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the pair and as we can see from the chart has closed it's daily candle under the level of 125.00 , so , that's mean the down trend is still standing and the pair is heading to 124.50 then 124.20
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we will hold onto our expectations for a downside bias today targeting initially a breach of the range support. Steady trading below 125.05 is required for our expectations to remain possible.
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GBP/JPY is developing potential impulse wave С (colored royal blue in the chart) of medium term downtrend from 127.31. Within this wave there are A, B and potential C subwaves (colored magenta in the chart) with subwave C still developing from 126.55
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i think will see re-test for 123.00 and then we can look for a larger prices like [126.00 or near from this . So we are now waiting for these prices .
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only a weekly close below 125.00 would delay and give reason for concern, while a daily close back above 127.35 confirms bias and should accelerate.
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Market setbacks have been very well supported on dips below 125.00 and we look for the formation of a fresh medium-term higher low around the psychological barrier ahead of the next major upside extension back towards and eventually through 140.00
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As long as the channel holds, favor the downside. Additional weakness exposes the March low at 12218 and then the 2009 low at 11880.
Though trading on financial markets involves high risk, it can still generate extra income in case you apply the right approach. By choosing a reliable broker such as InstaForex you get access to the international financial markets and open your way towards financial independence. You can sign up here.
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