Hi all,
Here is our thoughts on GBPJPY: - Long
Reasoning:
Daily
Overall biased is still bullish - Price is above EMAs 50 & 200
Rejection at key zone @ 193 = 0.236 retracement on Fib
EMAs 8 and 21 crossover on daily and price pull back to EMAs 8 and 21 zone (entry for long)
RSI (14) 58 and CCI (20) 74 = Buyers territory
Bullish reversal candle on 4hour
...
PRICE MAKING HIGHER HIGHS AND HIGHER LOWS INDICATING THIS UPTREND IS WELL INTACT. TRENDLINE IS ACTING AS A GOOD SUPPORT SO IF WE GET A PULLBACK INTO THE TRENDLINE/189.000 THEN THAT WILL BE A GOOD LEVEL TO GO LONG. IF PRICE BREAKS RESISTANCE THEN THAT WILL ALSO BE A GOOD CHANCE TO GET LONG/ADD POSITION
I am looking for a short untill 183 area, which is point 4 of the wolfe wave. From there I would like to buy if the falling wedge in RSI breaksout north. Targeting at least point 5 and maybe even the sweet area in the wolfe wave.
Once arrived there I believe we have a lot of pips to be made at the sellof.
Pound sterling has been very bullish against JPY. for the month of april. although it is now at a resistance of the downwards trend line, it is currently breaking the 61% fib level on the Daily time frame. suggesting that a reversal might not be on the books just yet. If we see price breaking beyond the trend line, I will be aiming to take profit around the...
CONFLUENCE :
200SMA D1 AND H4 SWING SUPPORT AS WELL AS 178.00 SUPPORT LINE.
PRICE HAS BOUNCED FROM THE 200SMA ONCE, RISING 800PIPS AFTERWARDS.
H4 ALSO SHOWING INVERSE H&S WITH NECKLINE 180.00.
MY INTENTION IS TO BUY AFTER PRICE HAS FAKED THE 178.00 LEVEL.
I.E. GO BELOW 178 ON THE H4 AND SUCCESSFULLY CLOSE ABOVE 178.00 ON THE H4.
FAKING PEOPLE TO TRIGGER THEIR...
