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Gjlong

GJ FORECAST...GBPJPY has been moving radically inside of a Daily zone. Price has still failed to retrace back into the Daily trend it broke out of in September. I think a pull back is due, so a momentum shift may occur to the upside. Price has been having a lot of trouble in the 136.000 zone, so a pull to either side is possible. Multiple confluences gives me a Bullish Sentiment for this week. I predict a price retracement to 136.25, then a soar back to the top. 137.00 would be the first level of interest for me, price would have to defeat that level in order for a stronger move to D to occur. I've marked a Fib ABCD pattern to help identify direction. This is just a pre market analysis, so nothing too solid.. Just an overall look into a Long Bias. Support My Analysis With A Like & Comment Appreciate The Support!
Long
by lobfxempire
Bull Run For GJ!?Following up with yesterdays Analysis, GJ is continuing its retest around the $136.72 level. If price manages to close above that level, then I predict price spike to $137.00. To back up that idea I spotted a possible triple bottom formation.(Marked On Chart) Furthermore, price has been wicking out at that same level ($136.72), which shows a possible bearish scenario. For added bearish confluence, their was a recent 3 pin formation formed.(Marked on Chart) First minor level of decline would be towards $136.40. Thanks For Reading My Analysis All Likes & Comments Are Appreciated!
by lobfxempire
GJ Is Heading Upwards Towards The Daily Trend!!Good Morning Traders! Upon analyzing GBPJPY I recognized a possible inverted H&S Pattern on the Daily Time-frame. Obviously that signals a possible bullish uproar. So, I started to search for more bullish confluences. On the 4 HR Time-frame I spotted an ABCD Fib Pattern. Price recently found support near $136.40. Following the close on that level, price immediately retraced. Engulfing more than half of the previous Bear candle. I predict price movement north of $137.30, following a close above $136.775. Overall i'm seeing way more Bullish scenarios at the moment. I will update you, if my bias changes. Likes & Comments Are Appreciated! What is your prediction on $GJ?
Long
by lobfxempire
GBPJPY IS HEADING TOWARDS A WEEKLY ZONEGood Morning Traders! Upon analyzing the $GJ Daily time-frame, I quickly recognized a Pivot Level being tested. So, I crafted a bullish sentiment view for the Daily future price movements. If price manages to close above, I predict a continuation of the previous day bullish momentum. I've found a few potential target levels. First, I expect price to move towards the strong Weekly zone. If succession above that zone occurs, a move towards the 61% or 78% will be promising. Price has to close over the pivot in order for this analysis to be valid. Comment your ideas on GBPJPY below! All Likes & Comments are Appreciated
Long
by lobfxempire
GJ is Retracing!... #DailyAnalysisI analyzed GBPJPY from the Daily Time-frame. I noticed a pattern was being formed, which indicated Bearish longer term movements. I predict that before those movements occur, price will pullback into my marked gravitation zone. Which isn't far from the key 61% Fibonacci Level. Price is also currently testing a Daily Pivot Point Level. With two failed attempts already, another attempt may just give in to upward movements. If prediction goes as planned, I will wait for movements towards the 61% & 78% Fibonacci. If price doesn't close above the 78% Fibonacci, the buyers may be gassed out. I will then look for a short opportunity when it presents itself. Thank you for reading. I'm going to keep dropping Analysis gems every week. Like This Post & Follow Us Comment your trade ideas below
Long
by lobfxempire
GJ Buys 05/10/2020 -- UpdateAs I have already had a very good day, I decided when GJ broke resistance to use the 15m timeframe for confirmation, the reason being I had a lot of profits to use as leverage. When support formed on the 15m, I took a buy entry as the new 15m candle broke the high of the previous candle, with stops below that candle. As price went up into 10 pips profit, I secured my entry and moved stops to the low of 15m candle where I executed my trade. We then tapped into the next area of resistance and there I secured more positions and moved stops to BE. A runner is still running and will be updated when it's closed.
Long
by rhf_fx
GJ Analysis 04/10/2020 -- UpdateI had already highlighted the two potential setups, buys were preferred as the traffic above to the left was much cleaner to our target at the next resistance zone. Price broke above resistance on the 30m timeframe and before entering, I waited for support to form on the 15m timeframe. Support then formed so my next job was to wait for a confirmation for my buy entry, this happened to be when the 5m candle broke above the high of the previous 5m candle. My stops were placed a few pips below the current 30m candle due to it being the last 5m candle before the hourly close. As price broke the high of the previous 30m candle, I secured profits and moved stops to BE, price then ran for 30 pips before I closed the remainder of my positions.
Long
by rhf_fx
GJ Analysis 04/10/2020We are trading in a 25 pip range, as we know it is not a good idea to trade in an Asian range. 1) If we get a clean break of 136.365, wait for support to form on lower timeframes before looking for buys to test resistance at 136.750. It is a good sized range to fill with clean traffic so buys are preferred if an opportunity arises. 2) If we break support at 136.100, look for resistance to form on lower timeframes before looking for sells, sells aren't very clean in this market structure and I have highlighted potential barriers which could cause trouble along the way. A potential target can be support down at 135.800. Trade safe especially during Asian and always secure profits at 10-15 pips and leave a runner.
by rhf_fx
Long/Short trade pendingPrice has been consolidating in a very tight range after breaking a channel illustrated clearly on the chart, arguably forming a bearish flag which may break down to entirely break structure offering profitable short positions. Furthermore, the 200EMA on the hourly chart (and daily) is showing bearish momentum. Alternatively, price is rejecting this lower resistance level and has been for a relatively long period of time. Overall, price has potential to move either side of this key area of resistance and the movement is likely to be very strong in either direction due to the illongated period of consolidation.
by Tical1
GJ Potential Long PositionThe market is in an acending channel, with price showing strong rejection of the lower bound of the bullish channel. The downside potential of this market, is relatively low ceteris paribus, as the market would have to break structure to form a new price level below the current channel. The price has shown rejection at 3 key levels, indicating a three phase movement, thus 3 potential entry positions. It is likely that the market will continue to consolidate, as price tends to contract after large expansion(volatility) which can be viewed by the strong bearish momentum from the top of the channel. Continuing, entry after a re-test of this key level or strong bullish momentum would be advtangeous to maximise R:R as price is at the bottom of the channel and near an area of value as indicated by the 50EMA on the hourly time frame and confluencing the bearish trend line. From a fundamentals perspective the pound has shown volatility due to a rise in the Claimant Count, increase in COVID-19 cases and operational/capacity problems with the NHS Track & Trace system. However, Japan is ushering in a new Prime Minister due to the departure of Shinzho Abe with Yoshihide Suga widely expected to take the role up. However, his poitical philisophies are unclear and he is entering the job at very uncertain times for Japan who have nearly exhausted their use of monetary policy tools to increase consumptions and a large fiscal stimulus package which has worried some due to its size and its impact on public debt. In short, both countries are in predicaments which should overall offset one another and allow the continuation of the bullish trend.
Long
by Tical1