GBP/JPY Technical Analysis

[Jebatfx]

There are 2 wave count possibility for next week market. Is either Bullish Reversal or Bearish Continuation. After some consideration from my technical analysis, I still prefer for Bullish Reversal because :-


1) Upper Trendline already been taken (breakout).
2) Strong support at 210.18 (false breakout)
3) Some sort of inverted "Head & Shoulder" pattern can be seen (in blue rectangle)
4) BSTS signal more bias towards Bullish trend.
5) Confirmation upon major upper trendline breakout later (still has not been taken yet)


But there is also a strong potential for Bearish Continuation trend. So watch closely those critical line before making any decission. Just make sure before making any entry, there is a strong signal from BSTS for that particular trend. Good lucks.

[havenoidea]

200 SMA head up
support red line was head up
RSI double bottom

another support idea
we had overbought, the price pullback red line (support) and didnot even break

sunday trade setup (b/c vol slow so i only take small profit)
long limit 210.50
sl 209.50
pt 211.00

just another idea how analysis

[Jebatfx]

I'm looking for a big "Double Top" (blue rectangle) to be establish later. I'm still prefer for Bearish Reversal trend to be happen later. Watch closely the short critical line. As long the short critical line has not been taken, Bearish Reversal speculation would still be valid. A strong breakout to the lower trendline will boilster this point of view. Otherwise we shall see a Bullish Continuation later. Preferable - Bearish Reversal.

[Jebatfx]

Market preferable in Bullish bias as long the price moving upwards following inside the bullish trendline channel. But just be carefull for reversal bearish trend since there is also a possibility that the price is making a "Double Top". Watch closely the thick yellow support trendline before making any entry. Preferable Bullish Continuation.

[Cyclopip]

wow... that is a wild chart... haha

I see GBPJPY topping out here for the day at 212.75 and making its way back to 212.00... i would look for support there...

[Cyclopip]

well, the pair made its way lower to 212.10 since my last post, but found buyers to push it back up. It looks like risk appetites are back in the market. Look for the pair to make its way back up to 213.00 where it may find resistance.

[Jebatfx]

At the moment there are 2 possibility which is either Bullish Continiuation or Bearish Reversal. For the Bearish Reversal idea I presumed the price will go down to perform wave a and then go up to complete wave b before going downwards again in making wave c. The establish of "Head & Shoulder" pattern and the resistance of the unbreakable short critical point later will boilster this idea. Otherwise we might see a Bullish Continuation to complete wave c (white colour).

[havenoidea]

Originally Posted by Jebatfx

At the moment there are 2 possibility which is either Bullish Continiuation or Bearish Reversal.

lol , the MARKET GO 3 WAY, UP, SIDEWAY, OR DOWN,

U SAID THE MARKET UP OR DOWN,,,JUST LIKE U SAY, IF U EAT U FULL, IF NOT U WILL HUNGY ...EQUAL

[Jebatfx]

Market already show a very strong Bearish Reversal. I believed the price in the process of making wave c downtrend and a "Double Top" can be considered to be establised but how far it will go, we still need to wait and see any signal from BSTS later. A breakout to the lowest trendline would boilster this bearish reversal speculation. Preferable Bearish Reversal.

[ctrader]

Just wanted to say this is great info!