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Gbpjpy_outlook

GBPJPY: Possible 390 Pips Big Move Up With a Weekly Outlook!Hi traders, after coming back from a nice 200 pip profit from the previous GBPJPY trade I'm looking for another 390 PIPS to the upside even tough the main trend is down. I've bought from the 23.6 fib as seen on the chart above and I'll long it until 61.8 to see how it reacts to the resistance line , a break of that would most likely mean that the bulls are back and we can expect to reach our TP3 target =145.400 My bias for this pair is still bearish and it will remain so as long as the 143.30 (71.86 fib) resistance remains intact , if it breaks then we can expect further upside to 145.400 to be realistic. Reasons to buy: Currently the pair has formed a nice Bullish AB=CD pattern and is probably making a correction. The MACD has crossed the signal line which indicates a buy signal Double Bottom Touched the 140.6 which is a very important support , indicates possible trend change! Bullish butterfly D leg completeion near the 140.6 support line Keep in mind that the Japanese Yen related pairs tend to be very risk sensitive. This is probably one of the most risk sensitive pairs, so having the stock markets rally simultaneously is a huge help for this market which can move 100 pips in the blink of an eye. The UK elections are tomorrow aswell at the time of writing, so have that on your radar because we can expect some big volatility !
Long
by cyrex
7
1 June GBP JPY Elliott wave analysis: 1000 Pips setup?That’s a zigzag pattern – a 5,3,5 bearish corrective pattern. We expect a 5-wave rally to breakout of the channel as price remains above 141.45. Any break below 141.45 with invalidate the zigzag and send price further downside for a more complex corrective pattern. If all moves as expected, there is a potential for more than 1000 Pips impulse wave upside. The preceding impulse rally was more than 1200 Pips, we should’t expect less if the rally goes as expected. More updates will come later. Stay tuned.
Long
by Korora
1
GBPJPY H4 OUTLOOK 29th MAY - 2nd JUNE 2017After a long consolidation at the 4 Hr Time Frame, price starts to rally down after weak GDP figures that puts further pressure on the pound. High inflation, slagging wage growth, lower than expected GDP, an election coming up plus the thought of Brexit looks to has started to take it tole on GBP. After the latest Poll number show, the pound is expected to decline further. 50/61.8 Fib R level will be the area for short continuation if pullback occurs. Politics will play another important role in the pounds pricing next week and if data is released indicating Labour is closing the gap on the Conservatives in the latest polls, further Pound weakness can unquestionably be expected.
Short
by am1rul
GBPJPY: Potential short term breakdown in playI believe that successful trading strategies rely heavily upon identifying consolidation zones. Consolidation zones provide us the right direction of the market. Consolidation happens when a market move sharply upside or downside. Later, a trader can use these consolidation zones to identify patterns, whether it be a continuation or reversal. It requires attention and care. Rather than turning out to be a factory of producing signals, it is better to sit down and look for a setup. Setups are important because we are planning a trade and execute them on time. If you fail to plan a setup, then you are planning to fail. Another advantage of trade setup is that we know where to get out and the right time to go in. Know the market. Study the price movements and make your trades. My charts use price movements, patterns, structures and indicators such as moving averages and oscillators. Trading intelligence is combining multiple knowledge to produce a favorable trade setup and plans.
Short
by Dinkan