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Gbpjpyforecast

Will GBP/JPY rally to the upside again?For the last few days, GBP/JPY is consolidating in a small range in the minor support area that I have highlighted in my chart. This area is also important because the 100-day EMA lies just above it. If we can see a strong bullish impulse now, there is a good chance that GBP/JPY will rally to the upside again with 163,165 and 168 being the immediate targets. That being said, the bulls need to watch out for the minor support level and trade carefully because if it breaks, then GBP/JPY will decline very fast. To keep the risk low, I will buy as close to the support level as possible.
by YourLazyTrader
4
is GJ forming a symmetric or an Ascending triangle?as we monitor gbpjpy we can see it forming a symmetric triangle > for the sake of this trade/profit we will assume that it is. most profit potential is on the 2-day chart key point: . Resistance: > after the breakout, of the previous resistance 157, we see GJ made a high of 168 also failing to break this twice we can call this our roof > after 168 we see gj failing to stay above 166 with that we can draw a counter trend line going down by two > it is possible to see gj eventually reacting to 164 level but i believe 166 is a more interesting area . Support: > after getting rejected at 168 we see price bounce off levels 151 to 156.5 now it is at 161.5 > with that we can see trend line with a rate of 5 take away: > gj is on the verge on forming a symmetric triangle > keynote that boost my confidence with this analysis is with the sell off last week we still see gj managing to close inside this triangle > we should see gj bounce off from 161 to 164 or possible 166 outlook: > if we are not in this buy, we will watch gj's buy up to 164/166 on the 2/3 day > if there is a breach of on the 2/3 day, we can assume two things: there is a breakout or there is a trend break to the larger ascending triangle >we will classify it as a breach when price opens or closes out of the symmetric triangle NB: IF THERE IS A BREACH OUT OF THE SYMMETRIC TRIANGLE THEN PRICE IS REACTING TO THE LARGER TREND ASCENDING TRIANGLE WITH THAT, WE SHOULD SEE PRICE RETEST 168 LEVEL. > After that we take profit and wait for more information to determine our bias
by shermuelinvesting
3