Good afternoon all, markets open again tonight so thought I would look at my favorite pair GJ again. End of last week news made GBP very weak, as such we saw price drop right through the demand zone and not providing any trading opportunity for us. It look’s to be coming right down to the bottom side of the big bullish channel we are trading inside. It could co inside with re test of the break of the previous small downtrend in the channel for a move back to the upside. Keep watching for support to form around the trend line area before entering. As it may also be possible for price to break and visit the stronger demand zone below. Hope everyone has a good week ahead. GLIYF
The trend line is my target for support, dont think GBP will be that weak to drop much further
I think it will start to rise again. Only dropped cause the BOE interest rates didn’t go up. A interest rate rise is still coming so price will go up again in anticipation…
That trendline looks to be a very strong one. If the price produces a bullish reversal at the trendline’s support, the buyers may push the price towards the North. I look forward to going long at the trendline’s support as well upon getting a bullish reversal pattern.
Looks like there was a reaction followed by a single candle undoing that up move. Hard one to call.
yeah looking good still feel we could come back down to the 149 level again before another push off
but it would need to break the low of my grey
box first
The price had a bounce at 152.500 area twice. At the second bounce, it produced an Inside Bar. It is not a strong bullish reversal candle. However, considering the fact that the price had double rejection, thus the buyers may go long above the last swing high at 154.700.
It is time for it to start rising again now. I wouldn’t risk another sell…
doesn’t look like much holding it up at that area.
Good afternoon all, hard to believe its been a couple of trading weeks since I have updated on GJ. But there hasn’t been too much happening. Since the last post it looked to of formed a little demand area, but price respected the down trend and friday we saw price tank right through demand to where it currently sits. But to my delight we are close to the big demand zone that has provided us with lots of pips previously. We also have added confluence with the trend line so look to buy from there also. So this could be a nice buy area for us to get a nice trade in. Look for support to form in price over the next couple of days then we could get a nice buy back up to supply. GLIYF
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I was looking at this and thinking the same, might be the time to get some buys in on this pair.
Guess that drop was down to the omicron variant. Still think it will go back up when they learn that the variant isn’t as bad as they suspect
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Agree, i think its a temporary impulse, have NFP this week too so that’ll have an effect too
So let`s see what this week could bring us.
That’s a nice strong Demand zone already given 4 previous trades will we get a 5th one time will tell
Good afternoon all, back on GJ again today as I entered a buy position on yesterdays daily candle close. It formed a nice 50% candle right on my favored demand zone . This is a risky trade as bias is bearish recently on this pair. Also price has broker out of the long standing weekly bullish channel we have been trading in. But I am hoping its a fake breakout and this demand zone will once again provide us with some pips. If not then I will look for the break below for further downwards movement as indicated. Hope you saw the same and followed. GLIYF
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Really strong support zone there. I think it could be a nice 3/4R before you that imbalance is filled
No risk no reward as they say…
148.400 is a nice horizontal support imo for a bounce back up
Good morning all, checking back in on GBPJPY today. Last time out I posted i bought from this demand zone . Purely from the fact what has happened to us from the left and previous positions. After placing a buy position we had a bearish day and we tested the demand zone again, dipping even further down past my entry zone, which I had to extend my stop loss. Normally I wouldn’t do this but I am confident with how strong this demand zone is, so wasn’t a problem to do so. Price since has proved to be what i expected and we have seen a bullish response, if todays candle also provides to be bullish we should be well on our way to TP1. We have to beware of price stalling at the trend line . Would like to see price trading back in the channel above to be more confident in the bull. Currently 120+ pips in profit. After todays candle I will move SL into profits to secure some pips. Hope you followed along GLIYF
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