GBPJPY | PERSPECTIVE FOR THE NEW WEEK
The British pound rallied significantly during the course of last week which happens to be driven by improving risk appetite. It is worthy to also note that the JPY crosses have been drifting higher alongside global equity markets as this stimulus continues to be a major driver of markets. This been said, the Key level @ Y136.600 will be my yardstick in the coming week to gauge the strength of the Bull against the Bears as I am looking forward to finding a buying opportunity above this level.
Tendency: Uptrend ( Bullish )
Structure: Reversal pattern | Breakout expectations | Trendline
Observation: i. Price found bottom as we experienced sharp rejection of Y135.500 in the latter part of Septemner 2020.
ii. The arising of a Reversal pattern followed by consecutive Bullish run from Primary Demand level @ Y135.500 confirms a new trend has begun.
iii. We saw price holding above Key level @ Y136.600 last week Thursday and Friday which also respects the Bullish Trendline on the chart.
iv. Patience is pertinent here as I shall be looking forward to a significant Breakout of Y138.000 (a respected demand level in the past) for a signal in the coming week.
Trading plan: BUY confirmation with a minimum potential profit of 500 pips.
Risk/Reward: 1:5
Potential Duration: 5 to 12 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Tendency: Uptrend ( Bullish )
Structure: Reversal pattern | Breakout expectations | Trendline
Observation: i. Price found bottom as we experienced sharp rejection of Y135.500 in the latter part of Septemner 2020.
ii. The arising of a Reversal pattern followed by consecutive Bullish run from Primary Demand level @ Y135.500 confirms a new trend has begun.
iii. We saw price holding above Key level @ Y136.600 last week Thursday and Friday which also respects the Bullish Trendline on the chart.
iv. Patience is pertinent here as I shall be looking forward to a significant Breakout of Y138.000 (a respected demand level in the past) for a signal in the coming week.
Trading plan: BUY confirmation with a minimum potential profit of 500 pips.
Risk/Reward: 1:5
Potential Duration: 5 to 12 days
NB: This speculation can be considered to make decisions on lower timeframes.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
Trade smart. Trade consciously
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