GBP/JPY, price is approaching Strong Resistance zoneIf the price breaks and retests minor support on H4 Timeframe, we will take short on GBPJPY. Otherwise, in case we saw the resistance broken, we would be looking for a nice long.
Gbpsignals
GBPUSD This feels like the Brexit sell-offThe current sell-off is similar to the Brexit shock on GBPUSD on June 24, 2016. Once the price got detached from the 1D MA50 it declined nearly -15% from the top. The reaction at the bottom was a pull back to the 0.236 Fibonacci level. The new (lower) High was confirmed by the MACD roll-over. If the same sequence plays out, then we see 1.1800 as a (lower) High. It is a risky trade though under the circumstances.
Previous signal:
GBPUSD Sell SignalPattern: Ascending Channel on 1D.
Signal: Bearish if the Higher Low trend line breaks (dashed line) and in extension if the Symmetrical Support 1 breaks.
Target: 1.2800 (condition 1) and 1.2500 (condition 2) in extension.
GBPEUR Sell SignalPattern: Channel Up on 1W (dashed channel).
Signal: Bearish as after the price failed to cross the 1M Resistance Zone, it got rejected on the 1D MA200 and the Channel Up broke to the downside. MACD also rolling over.
Target: 1.1460 (symmetrical Support A) and 1.1000 (symmetrical Support B).
GBPJPY: #POUNDITSince mid-October the GBPound has been gaining momentum against the JapenseYuan. Reaching a recent high of 147.900, the price point immediately reverted to retest the previous channel's top trend line near 141.500 (shown in orange). After a showing of strong support, the price point returned to its longstanding uptrend which started August 11th 2019 (shown in green). Currently sitting on the 50EMA (25 day average) and the bottom of the longstanding trend line, I expect this price point to continue rising and eventually retest the 147.900 mark. Trend direction's obviously changing because we're sitting above the 200EMA now. I wonder if its finally headed back toward the highs of August 2015 (194.510).
GBPJPY Sell SignalPattern: Parabolic rise on 1D.
Signal: Bearish as it is approaching a Symmetrical Resistance level (rejected the price 8 times since 2016) with the RSI on 3 year highs.
Target: 137.000 (Symmetrical Support).
*Such long term symmetries are useful and quite accurate. I have successfully implemented this approach on my last GBPJPY buy signal:
GBPCHF Sell SignalPattern: 4H Channel Down.
Signal: Bearish after a new rejection on the Lower High.
Target: 1.28500 (1D Support).
GBPUSD Buy SignalPattern: Channel Up on 1D.
Signal: Bullish after making a Higher Low.
Target: 1.3300.
