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Gbpjpy_outlook

Decision point in Pound/YenHi traders, today i want to share with you some of my daily analysis on pound/yen. As you can see in the chart the trend has been clearly bearish for the recent past. After the break of the level of 130 flat the price is now coming back to retest that level of daily support. Support could become resistance and so we are now in "alert mode" in lower timeframes. This means that we are going to seek for some reversal signal in order to short the market. Let's see how it goes.
Short
by Roker1
GBPJPY Long - 133.200The Pound has exploded higher on Friday and in my experience after such strong movements comes a decent pullback. I am bullish on the GBP as we are now trading well above the most important moving averages, aswell as having convincingly broken through the Daily 21 EMA. I am expecting a retest of the D21 and previous structure found at the 133.200 level before going long, with targets up at 134.200-400, with a long-term 382 fib resting around 134.480. Stop loss will be tight at around 25 pips with a 100 pip target, giving us a 1:4 risk/reward ratio.
Long
by Mase_00_7
Where next for GBPJPY?Sell the rally, but where to sell? The big blue 504 period EMA represents the Daily 21 EMA on this hourly chart, and as you can see we had 2 nice bounces off of it. I have marked up the 618 fib of the double top so if you were a bear you could short from 132.937 as a 2618 trade with an initial target of 132.477 or roughly 45 pips. The rest is up to your trade management but this target would mean a break of the upwards trendline that has been in place sine the 22nd August and a potential reversal for longer term trend continuation. If you're bullish on this pair then you might want to see a break of the previous highs and the Daily 21 EMA, then a retest of structure before going long with a target of 134.470 or roughly 117 pips. Or you could trade them both? What do you think?
by Mase_00_7