NOTE! The GBP/JPY is a clear bearish trend. However there are 3 (+1) mains reasons why the market may rally up a little bit. 1. Formation of the 3 White soldiers pattern. 2. The extension and retracement levels join the red trendline. 3. The .382 Retracement of the A-B leg falls on the same level is the extension of the a-b leg. 4. abcd pattern is possible.
Sunday analysis. NOTE! The GBP/JPY is clear bearish] trend. But there is a possiblity for a retracement to the .382 level because the following reasons. 1. Three white soldiers pattern is formed and closed on the weekly chart. 2. The .382 retracement level of the A-B leg is at the extension of the blue A-B leg. 3. Red trendline falls exactly on the same level...
Price may continue in downtrend to 160.907, if it breaks 160.621 then it'spossible for the price to down to the S&R level of 160.402. If so then look for price to retrace from 160.402 going in an uptrend and retest around 161.375 and retrace, look for a possible breakout "Long"
SUMMARY: The secondary trend of GBP/JPY is bullish on charts and price is trading above the trend line in its 4 hourly chart. In 4 hourly chart the price is sustaining above 50 day SMA and is taking support of 200 day SMA indicating uptrend of the pair. It is having an important resistance at the level of 164.10 and support at the level of 158.40. If it breaks...
GBPJPY is expected to rise now. There are many reason why we feel it may rise. 01. It has not sustained quarterly buy level. 02. BULLISH Engulfing pattern in daily Chart. 03. It has gone way below the quarterly Low target. and chances are bright it may touch 190 very soon 04. Stoch RSI (3,3,14,Close) is not clear. 05. RSI(14,CLOSE) Is rising. 06....