Going into October, Looking for trade entries and out brake of current range.
Strength Between GBPJPYi, for the month of September
GBP reaching almost reaching the 5% around the 23 of the month marker and retracing to 3.3% presently. JPY strength ranging between the -2% and -3% since 16 of the month respectively.
GBPJPYi, H4 Chart - Technical Analysis (03-10-2017)
GBPJPYi, Price is currently ranging since 14 September, Looking for a DB at the WS1 and 50.0 fibonacci confluence retracement, Stochastic adding confidence as price is oversold at the moment, with the WR1 and MM3 confluence levels making a HH, we should see slight retracement to new WPP levels or 38.2 fibonacci levels, I will have pending order trade entry points at these levels to either catch one or both levels before a breakout of the range to TP fibonacci levels 138.2 and MR1 and 161.8 and MM4 respectively.
GBPJPYi, Daily Chart - Technical Analysis (03-10-2017)
GBPJPYi, Stochastic showing price moving in oversold directions we should see retracements mention in H4 chart, 21MA is above the 55MA with good separation angles still showing bullishness, looking for price to bounce of the MPP and 38.2 fibonacci levels respectively, headed up to the 161.8 and MR2 TP levels.
About The Post
About The Forex Analyst
Completed the MetaTraders Coarse through the South African FXBootcamp Mentor - Ryan Gandalf van Jaarsveld