Gbpjpy_outlook
GBPJPY, Strong Resistance, ShortGBPJPY, has a Strong Resistance, Strong Trend line, and price action calls healthy pull back!
GBPJPY-- Lets Watch Sell Entry <<Disclaimer:
the content on this analysis is subject to change at any time without notice and is provided for the sole purpose of assisting traders to make independent investment decisions. this is no signal. it's my opinion. trade your own risk. and Must Follow Money management.
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||THE STRUGGLE FOR CONTROL ABOVE 142.2X (GBPJPY)Since start of 2021 we had highs on GBPJPY hovering @141.2x struggling to break above , but failed at (X-1) we have push lower for sellers to cover up some loses towards the last lows @139.5x and the lows held strong at (Y-1)
Bullish momentum kicked in at (Y-1) enabling buyers to take control upwards for another re-attempt to break the last point of resistance at (X-1)
but it held strong forming a new zone (X-2)
While at (X-2) we had a pullback 0.61% retracement to get a bounce in buyside liquidity to break 141.2x which broke out and created new highs @s142xp
Similar pattern happening again , so expecting a 0.61% retracement at (X-2) creating a bounce for price to push above 142.2x towards around 143.4x
risk:
1-3 risk reward both on buys and sells
X- INTIAL HIGHS
X-1- FIRST ATTEMPT TO BREAK
X-2-SECOND ATTEMPT TO BREAK
Y- INTIAL LOWS
Y-1-FIRST ATTEMPT TP BREAK
Pound/Yen-bull run failed!!! -Analysis - Pre-London - 21Jan2021 Please check the chart for the description.
GBPJPY, Breakout trend line, longGBPJPY, Breakout trend line and Bullish Continuation! Watch out Friends!
GBPJPY LONGReasoning for taking GBPJPY Long.
1. Daily and Weekly shows that we are at a double top area. (could be a strong reversal point to the downside)
2. 4hr still looks bullish. break of structure to the upside.
3. 61 fib retracement level held for potential upside continuation.
4. Potential upside target is at the very top of the double top area.
GBPJPY: The completion of the Diagonal PatternThe pattern has finished in the range of 142.26, we are waiting for a large drop in this currency. This analysis will be violated, if the price crosses the level of 142.72.
GBPJPY: The probability of Diagonal pattern formation In the daily chart, by checking the details of the waves we can see that wave i from the sub-waves of wave 3 has completed in the range of 133.04, we are currently in wave ii.
In the 240-minute diagram and in the details of wave 2 from sub-wave C, a diagonal pattern is forming which we can consider it as a terminated wave in the range of 142.03.
To confirm the main downtrend, the price needs to cross from the range of 139.51 with 5 descending waves.
