GBPJPY - Buy
Updated
Oct 10th, Saturday 10:16 am EST. Markets are closed which gives us time to look for potential set ups for this upcoming week.
Ichimoku Cloud shows us a buy longterm for this pair.
Due to the volatility of this pair, we will using the 45 min and 1 hour time frame with our FIBS tool for reentry's.
Price will definitely test the EMA lines and just might test the cloud.
We've found that EUR, AUD, CHF, GBP, NZD and CAD vs JPY have very similar price action on the 4 hour time frame specifically which could potentially mean long term these pairs will follow each other.
On Oct 9th @ around 8:45 am EST after CAD news was released on the 15 min time frame we saw beautiful entries for all of the above pairs for continuing buys using our FIBS, price hit the 23% and the 38% levels perfectly as they retraced temporarily.
The Ichimoku Cloud shows a trend heading upwards on the higher time frames, we simply use our fibs to catch perfect entries on the lower time frames to ride the wave longterm.
Ichimoku Cloud shows us a buy longterm for this pair.
Due to the volatility of this pair, we will using the 45 min and 1 hour time frame with our FIBS tool for reentry's.
Price will definitely test the EMA lines and just might test the cloud.
We've found that EUR, AUD, CHF, GBP, NZD and CAD vs JPY have very similar price action on the 4 hour time frame specifically which could potentially mean long term these pairs will follow each other.
On Oct 9th @ around 8:45 am EST after CAD news was released on the 15 min time frame we saw beautiful entries for all of the above pairs for continuing buys using our FIBS, price hit the 23% and the 38% levels perfectly as they retraced temporarily.
The Ichimoku Cloud shows a trend heading upwards on the higher time frames, we simply use our fibs to catch perfect entries on the lower time frames to ride the wave longterm.
Note
Still waiting for price to retrace a little more to enter in for a buy longterm.Note
Still could potentially retrace more as the strength of the JPY is 2x stronger than the GBP according to livecharts.co.uk as of 1:19 PM est.
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