Possible Yen weakness and Pound strength? Beast (GBPJPY) 130916

1. Please see my risk on risk off post for the London session here: Risk on Risk off London Session
2. Please see my USDJPY post to see my thoughts on Yen strength/ weakness here: Yen Bears Returning to the Market?
3. Please see my GBPUSD post on possible Pound strength off CPI data coming out this morning: Bulls watching UK CPI Data

Technically
a. Price hit the 21 on daily and has not broken it at the time of writing this article.
b. Possible 123 reversal on H4 and H1 – we see price having made a possible double bottom at support (today’s DS1). Price has fallen from DM3 though is at support. Should Yen weakness and GBP strength play out, bulls will look to buy here
c. An aggressive bull would look for confirmation of support on a lower time frame chart at market price
d. A conservative bull would wait for a break of DMS and then buy the pull back
e. If price falls then I will consider selling once price has broken support at DS2 and pulled back to role reversal
Note:
a. Please read Kate’s post on Forex Major Currencies Outlook everyday so you are up to date with the latest news. You can follow Kate here
b. Please be aware of risk events for the day by using the Forex.Today calendar
c. Watch Wayne’s webinar daily at 13:30 SAST or catch the recording on the Forex.Today Youtube Channel

GBPJPY Daily

GBPJPY H4

GBPJPY H1

One thought on “Possible Yen weakness and Pound strength? Beast (GBPJPY) 130916”

  1. Damith says:

    Nice trade plan Ryan…

    Did you have any thoughts on maybe longer-term short but short-term long?

    Looks like on the daily we are in a down trend…still a few brexit worries?

    thanks for all your other trade plans as well..good work

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