GBPJPY is heading towards South and approaching August low level
Updated
GBPJPY
The price has reached the 142.720 which is low volume area there the price for rejected and resume the downtrend.
At 142.00 major psychological level the bullish reversal also got rejected and head and shoulder patter has formed. Left shoulder is a August high price-141.616 and the head is a the September high- 142.706.
And the price also bole the 141.00 level and 50% Fibonacci retracement level. On September 3rd the bullish trend line was clearly broken and series of lower low and lower high was forming which is signaling further downside fall.
Minor H&S pattern is also formed near 141.00 level. Currently the price is trading near 140 which is a major psychological level an qc 61.8% Fibonacci level.
Golden cross of 50,200 and 50,100 exponential moving average has happened. And the price is trading below the above mentioned moving averages.
RSI is showing the downward growth and it’s felled below 50. In one hour timeframe the stochastic is going to drop as it’s approaching 80 level.
On Elliott wave analysis the 5th wave is forming. If the price broke above the 140.00 we can short this pair a 140.500 level which is a 61.8% retracement of wave 03. Potential take profit will be around 138.00 level.
Brexit and political developments is Japan make this pair as more volatile. BOE will make a dovish stance and a loose monetary policy as counterpart
Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
Disclaimer
It’s not a financial advice. Do the analyze and take a decision.
The price has reached the 142.720 which is low volume area there the price for rejected and resume the downtrend.
At 142.00 major psychological level the bullish reversal also got rejected and head and shoulder patter has formed. Left shoulder is a August high price-141.616 and the head is a the September high- 142.706.
And the price also bole the 141.00 level and 50% Fibonacci retracement level. On September 3rd the bullish trend line was clearly broken and series of lower low and lower high was forming which is signaling further downside fall.
Minor H&S pattern is also formed near 141.00 level. Currently the price is trading near 140 which is a major psychological level an qc 61.8% Fibonacci level.
Golden cross of 50,200 and 50,100 exponential moving average has happened. And the price is trading below the above mentioned moving averages.
RSI is showing the downward growth and it’s felled below 50. In one hour timeframe the stochastic is going to drop as it’s approaching 80 level.
On Elliott wave analysis the 5th wave is forming. If the price broke above the 140.00 we can short this pair a 140.500 level which is a 61.8% retracement of wave 03. Potential take profit will be around 138.00 level.
Brexit and political developments is Japan make this pair as more volatile. BOE will make a dovish stance and a loose monetary policy as counterpart
Please give us a thumbs up if u like our work and do follow us so that you can get a regular update about upcoming setups and ideas
Disclaimer
It’s not a financial advice. Do the analyze and take a decision.
Trade closed: target reached
Target acheived with +110 pips
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