GBPJPY Bull pattern

Looking back at our old friend GBPJPY today. Alot has happened since we last took a look at it. Price broke out of the bullish wedge formation with the GBP reshuffle in parliment. Now we can see price retracing. I think we could either see a bounce from the 38 fib like we have seen many times in recent past. Or a simple re-test off the broken trend.
Quite a simple trade to look out for in the near future. GLIYF

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Idea…Set a sell order at one of the levels being pointed at and set a SL at the level outlined in yellow

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Thanks for posting

I’ll be watching this pair. Thanks for sharing your ideas.

Nice analysis as always. Looking at it hitting the 38 fib also. Nice and simple but pays out! One to watch for sure.

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I see a long flag and the potential for an upward move again.

Great analysis as always - all GBP pairs look good to pull back so this lines up perfectly. GBPUSD has a similar setup.

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I’m looking at buys on this pair at the moment.

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nice work on the charting front. i think youre right- we will see it retest

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I’m expecting a bounce off that Support below the Fib level or a bounce off the trendline either way buys

Nothing wrong with simple, often the best way!

A lot of nice moves on the GBP pairs this week that i like the look of.

Yes I prefer simple trading if possible.

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Good analysis, will watch with interest…

I have this on my radar this week as discussing it in another group. last week i thought about selling and i was not looking at the massive support zone to the left. after discussions it was clearly sat on a ledge ready to go higher with strong support. some times is good to discuss your mentality with trading!

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did anyone get in this?

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Its monday, markets are open and firing. Big gaps everywhere from the weekend. Fresh Coronavirus threats and concerns going on from G20 meetings. Gold shot up some more and its possible we could see some strength in safe havens like JPY pairs. Im thinking of this short term sell on GJ. Small stop available of 40 pips or so with a nice possible 300 drop back down to solid structure of multiple confluence of support. Hanging man/Doji on the daily close last candle. Could we see the push back down to that 0.38 fib? lets find out.

Good shout man, dropping as predicted :grinning:

Looking back at GBPJPY . Previously when i analysed this pair i suggested the drop from the resistance zone above with a 300 pip drop back down to the 0.382 fib. Well we are currently 220+ pips up on that move, price is currently sitting in this small mid section of price reaction area, if we clear this then TP should be achieved. Would be a good idea to take partials here, move Sl well into profits on the runner and let it do what it does. Looking for another hit in the magic blue circle. If we hit it this time and bounce from it again then that could be another nice buy too. You can see each high that has come from this fib level has been slightly higher each time. The next move up could possibly be bigger than the rest and push above the supply zone above for a huge move. GLIYF

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I think we are primed for a big move up.

Its the weekend so time to reflect back on the trade opportunities from the previous week. On Monday i gave the sell call from 144.596 clearly on my chart. I was looking for the short down to the blue circled area of about 300 pips to the bottom of that channel to the .618 fib. Now just because it reached there doesnt mean you just instantly get out of the trade.
To max profits you should leave a runner position open and either close on price reversing, or bringing down your stop loss to get stopped out. Well with these markets the past week the moves across the board have been INCREDIBLE, Huge move happening, GJ just kept dropping and dropping thanks to Nikkei falling and the corona virus. Finally price got down to 700 pips, thats one week from monday to friday on one pair.
This is a lesson to everyone how to earn maximum profits from your trades and to leave an extra position open as a runner or close half of your initial position. Tomorrow i will look at a pair that didnt go as expected. But this GJ of a potential 1:10 R:R was awesome