GbpJpy Long Weekly and Monthly 4-1-17
I am looking for GBP to get strong due to oversold panic from britex. I am expecting Jpy weakness from the start of a new investing year. If either one happens, the Gbpjpy will go long. Lots of Support levels to take a reversal pattern long off, Mn P 139.3, wkp 139.1, 50% retrace 138.8, Wkm2, Mm2 138.6. conservative target 140.4 if below 138.6 its probably not going long. I am assuming everyone knows how to follow price action and enter with a good (hammock) low risk bounce off a support or resistance level. Place stops, ect. It already had one bounce entry off the montlhy pivot. Lots of GBP red news this week to help push to down to buy zones, or move the trade up. Technically we have broken to the upside of the 3 month triangle on the upside. If this is confirmed the target is the yearly pivot at 148 at least if not more. However I have also seen this 3 month pattern in the past, and it continued sideways for another 5 months. Right now we are at the monthly pivot which is the most aggressive long entry. Red News 1.5 hrs after London open. I am a new break even trader so far, so please enter with caution.

2 thoughts on “GBP JPY Long Weekly and Monthly trade set up.”

  1. Joe urban says:

    Trade entry stopped out for small loss. I clearly had the wrong bias

  2. Maryna Murray says:

    Hey Joe, at least you had a bias and stuck to it! For the short/immediate type of term I see the pair falling to 136.450 which is close and will see where it takes us from there. On the Long Term I see a possible fall to 125.00, but again on the long term and a lot can happen before then. As long as the pair close on a DAILY chart below 138.90 I’m a bear. A move up from there may take us to the 145 level. Your plan may very well work out at a later stage. Watch your Weekly chart and you will see that 136.45 is a fairly strong support level, so should interesting to see what’s going to happen there this week. Looking at the monthly there is still a lot of space for the pair to go down and how I determined the eventual low of 125 area.

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