GBPJPY - Approaching a perfect buy or sell situation
Updated
Dragon approaching a weekly resistance.
Just like GN a line had been on both sides been respected and bull power seemed to ease of on friday suggesting maybe its overbought and a short term retrace is on the cards.
I will be monitoring the action around the trendline and should price fail to break it throughout the week a short position back to support could be taken.
We are looking as well at the 140 area (price seemed to form a double bottom). Should Bulls take price beyond that level there is no doubt that 150 is the target as Bank Of Japan would love a weaker yen.
Based on the promise of a weaker yen, I will remain long term BULLISH on this pair but I am not discounting a retrace below the trend line to form a triple bottomed bull charge to the top.
High volatility has made this pair one of my favourite to swing trade.
Trade safely :)
Just like GN a line had been on both sides been respected and bull power seemed to ease of on friday suggesting maybe its overbought and a short term retrace is on the cards.
I will be monitoring the action around the trendline and should price fail to break it throughout the week a short position back to support could be taken.
We are looking as well at the 140 area (price seemed to form a double bottom). Should Bulls take price beyond that level there is no doubt that 150 is the target as Bank Of Japan would love a weaker yen.
Based on the promise of a weaker yen, I will remain long term BULLISH on this pair but I am not discounting a retrace below the trend line to form a triple bottomed bull charge to the top.
High volatility has made this pair one of my favourite to swing trade.
Trade safely :)
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