GBP/JPY - Bullish
Updated
Monthly
From a monthly perspective, sterling has been climbing back up after the Brexit dump. September was a huge bullish engulfing and the last 2 months have both rejected 150.00 after 2 retest attempts. Furthermore, the EMAs are very close to crossing over for the first time since Februay 2016 - this will most likely occur by the end of 2017.
Weekly
The weekly TF has been producing higher lows and highs. We're currently sat below 152.50 in anticipation for fundamental news but sterling looks strong and ready to move higher. A new higher high was formed last week and our EMAs are upward facing.
Daily
The daily TF was in heavy consolidation during October and November but did shoot up to form a higher high. Price has since been pulling back but is clearly being supported by the EMAs. I'm in anticipation for a strong daily close today after the interest rate decision.
H4
Again, higher lows and higher highs in alignment with both the weekly and daily TF. We've pulled back into our preferred fib region and rejected it with long wicks to the downside. Our CTL as been broken and EMAs have crossed to the upside for a good risk:reward ratio.
From a monthly perspective, sterling has been climbing back up after the Brexit dump. September was a huge bullish engulfing and the last 2 months have both rejected 150.00 after 2 retest attempts. Furthermore, the EMAs are very close to crossing over for the first time since Februay 2016 - this will most likely occur by the end of 2017.
Weekly
The weekly TF has been producing higher lows and highs. We're currently sat below 152.50 in anticipation for fundamental news but sterling looks strong and ready to move higher. A new higher high was formed last week and our EMAs are upward facing.
Daily
The daily TF was in heavy consolidation during October and November but did shoot up to form a higher high. Price has since been pulling back but is clearly being supported by the EMAs. I'm in anticipation for a strong daily close today after the interest rate decision.
H4
Again, higher lows and higher highs in alignment with both the weekly and daily TF. We've pulled back into our preferred fib region and rejected it with long wicks to the downside. Our CTL as been broken and EMAs have crossed to the upside for a good risk:reward ratio.
Trade closed: stop reached
MA crossover was a too premature - lesson for next time :)
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