GBP/JPY - Potential Buy, then Sell Limit - Opportunity
We have now seen GBPJPY pass through the resistance I had marked out via the yellow channel lines at 181.700 price level and can now seen a resistance level at around 182.200 - 182.300. The 4hour MA100 demonstrates a key resistance level for GBPJPY at 182.345 which could, if broken act as a catalyst to the next leg up to the 184.00 price level which is July's monthly high.
For the most patient traders and individuals who are more inclined to take less risks, I would personally take a trade at the 184.00 price level before entering into a sell position.
However, for those who more risk seekers, one could enter a trade between the 182.00 - 182.300 price level, as I still am of the belief that we can see GBPJPY declining to 177.500.
To note, the daily and weekly candlesticks do indicate bullish momentum to the upside, so there is a fair argument to see GBPJPY rise back up to 184.000 before returning back to first 180.000, then 177.500
Although, one should be aware of the UK CPI announcement taking place on Wednesday the 19th of July at 7:00 AM and the Japanese CPI announcement on Friday the 21st of July at 12:30 AM which has both caused high amounts of volatility with this currency pair. Therefore, we could again see price go back up to test the monthly resistance level of 184.000 or go back down towards 180.000.
Please let me know your thoughts. I'm always interested to hear other people's opinions.
Happy trading!
For the most patient traders and individuals who are more inclined to take less risks, I would personally take a trade at the 184.00 price level before entering into a sell position.
However, for those who more risk seekers, one could enter a trade between the 182.00 - 182.300 price level, as I still am of the belief that we can see GBPJPY declining to 177.500.
To note, the daily and weekly candlesticks do indicate bullish momentum to the upside, so there is a fair argument to see GBPJPY rise back up to 184.000 before returning back to first 180.000, then 177.500
Although, one should be aware of the UK CPI announcement taking place on Wednesday the 19th of July at 7:00 AM and the Japanese CPI announcement on Friday the 21st of July at 12:30 AM which has both caused high amounts of volatility with this currency pair. Therefore, we could again see price go back up to test the monthly resistance level of 184.000 or go back down towards 180.000.
Please let me know your thoughts. I'm always interested to hear other people's opinions.
Happy trading!
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