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JPYGBP

GBPJPY - Potential for upward move?Looking at the charts, the market has come to find yearly lows for the XXX/JPY crosses in the most recent weeks, with most pairs having pulled back away from the lows. I.e NZDJPY & AUDJPY, and could be an indicative move from the other crosses. GBPJPY, has found some support at 135.170, around the area the flash crash closed above, which begs the question of currently trading in a demand zone. Price over history has bounced off this level and pushed back above 140. I am of the opinion GBP is due for a correction, as you will note in my other post on GBPUSD. Which is also showing the potential for an upside move. Wait and watch. Targets are as per the chart. DM or comment if you have any questions. Remember Pippin' ain't easy, so watch your Risk Management
Long
by myronemoyo
2
GBPJPY Weekly levels analysis If we zoom out on the weekly chart, we can see that these orange levels are highly reactive whenever the price comes near them. Zoomed in, it's clear that once we've broken past all three of them, we came back, retested the lowest one a bunch of times, broke through, retested the middle one just once before getting rejected back to below the lowest one again. (Notice how it kept consolidating around it lowest one, it shows and indecisiveness in the market) So now we've fallen below the lowest level again and are currently getting rejected for the third time. It's important to say that usually when a level keeps getting retested it gets broken and switches sides ( pivot ). In this case, whoever, since the other x/JPY pairs are seeing some weakness as well, it might be better to anticipate shorts. What we need to see is a breakdown on a lower time frame and a proper retrace in order to find a setup. That green block is a daily bearish order block which is also acting as resistance currently. In short: we're currently waiting for the breakdown, and a possible setup on retrace on a lower time frame. If GBPJPY -0.91% decides to go up anyway, we'd be looking for a break of that green order block and a possible long on a retrace. Original idea by Svarog
Short
by TradrzHQ
GBPJPY waiting for breakout wedge and rejection to short itBeen watching this one for some days now, have been waiting patiently because i wanted to wait out all the fake bear trap moves before shorting it. The ones who don't have a lot of experience in FX trading, sometimes it's textbook trading but other times there are so many fake moves as well. Key is having patience and trying to get an extra edge in recognizing the traps by staying out. Now this doesn't mean i won't get trapped if i will short it when it follows one of these 2 blue lines. But at least i have saved myself from that yellow bear trap and the possible current upwards move. Previous analysis:
Short
by botje11
4
Weekly Perspective (GBPJPY),(JPYGBP) hey guys, The pair is forming a trend continuation pattern on the downside & it is more like to head towards south.Both the GBPJPY & the JPYGBP forms a trend continuation pattern that is short term trade setups & they are highly risky if you dont have proper strategy,money management & risk management.so guys dont just enter on that trade because you see a trend continuation you have to study the overall structure.if you take this short term trade setup move your stops to break even & let your trade run.It is just a simple principle sell at high & buy at low.Hope you guys understood why I shared this stuff with you because we want every traders future independent. Note: Everything works with Best money management. Note: Please leave comments for any query. Disclaimer: Trade at your own risk. Good Luck...!! Regards, Growing Forex Team
Short
by GrowingForex