Hey traders, like I've said I was going to make up for not posting an idea that was helpful. So some traders has said that GBPJPY is going to fall, which I totally agree with. However, the break of the daily fractal high indicates a possible push upside to continue after correction of this bullish push that corrected that bearish fall. Price needs to move in a nice flow in order to maintain the market conditions so my thoughts is that price will break the range box to retest downwards into the support zone where price itself could reject off that key area or what price will do is sweep past the buyers stop losses if they still have their positions open and then it will come back into the support and retest off it for a push towards the upside. Another expectation could be that price breaks out of the range box and 4hr fractal high and retests of those levels to push even further to the upside. The reason why I think a sell isn't viable just yet is simply because GJ has been a overall long-term uptrend and for it to push downwards long-term will mean that it has to break some previous levels and JPY strength has to be stronger but GBP is still hitting extremely hard against JPY. I have highlighted the points for a possible entry and a safe 30 pip stop loss for the trade risking 1% account size if the idea does to come to light. Hope this analysis helps you traders! Happy trading :)
GPY JPY is gonna SHORT big time. Just wait for the 5ema to cross down below the 15ema in t 4hr time frame. Ride the retracement down for some nice gains.
Envious_
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@helpfulRock59087 I agree it has to correct the bullish move hopefully it does happen next week it would be a nice trade to have for sure.
qureshb
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i want to print it off and keep it at my desk! I look forward to your charts :-)
Envious_
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@qureshb thank you for the comment haha hope it helps :))