Back to our friend GJ today. Trend continues, as previously suggested we came back to touch the 50% fib and rejected. Previous support now resistance, corona virus still spreads fear into all world economies, japan pumped their highest ever amount of money into their stocks. Fear is here, this trend can be our friend, i’ve been scalping sells since last week on any pullbacks in the smaller time frames. As you can see we have broke the secondary sharp uptrend, most likely now price will visit back tot he primary trend, which in turn meets the 0.236 fib and previous resistance which should provide some support. That’s where im aiming for price to go to. Wether it stops there is anyone’s guess, time will tell with these market conditions. stay safe out there at the moment, as always risk management and you will be fine
Hovering around the yellow zone now. Time to buy?
Today were looking back at our friend GBPJPY . One thing i love about GJ is that it respects Fib levels alot . Since the corona virus outbreak we had the massive drop happen. We got held up at the 0.382 fib, touched back up to the 0.5 before the next drop . the 0.236 level co insides with the primary trend, in which it looks to have held well and we have rejected from that zone. i think we could possibly visit the 0.382 for a touch before we revisit the primary trend again before the next move upwards. If the nikkie index holds up and starts to make some ground back up then GJ will also move up, Japan have the olympics soon so they wont want it all doom and gloom for that time. Stay safe currently the markets are wild still and big moves are happening, use risk management and you can catch some good pips
Brave man to be trading this week!
Aye, that’s JPY - but there are 2 things to watch up ahead on GBP.
First is the likelihood of a cut or cuts to rates by BOE and secondly the trade talks with the EU.
There has been a new deadline set 3 months from now plus the UK cabinet is 100% happy with no trade deal.
Short term - there are always opportunities after a Monday fall - turnaround tuesday worked in Asia - the signs that it would happen showed up in Euro and US bond market very clear yesterday evening. Will it also happen EU and US markets today? - watch the bonds for clues - right now Europe saying to stay your hand.
Now toe dipping time
Markets are crazy!
Seems reasonable but with this needless panic everything is possible.
That didn’t take long.
How is this looking now?
Went through the trend line and come back up to meet it so possible resistance before going lower now?
In a normal market situation yes but times are crazy!
Not sure if we’ve found the bottom yet.
When i last analysed GJ we had bounced off the primary trend line and heading back up to the 50% fib level. It did just that and came straight back down. Now i was looking for GJ to hold its primary trend and make another bounce upwards, but a tthis time the world health organisation declared the corona virus a pandemic. So no Bull to hold in JPY pairs, back it came crashing through the long term primary trend for the bear to be declared the winner. As lons as this virus goes on then i think selling JPY pairs is a safe bet. i will be looking on any pullbacks towards the .382 fib level and retest the underneath the broker trend to sell it all the way down back to the bottom, will it make a new yearly low? who knows, all depends on the virus affects. GJ belongs in the 140’s in normal circumstances, so once this is all over we will have a nice bull run if economies get back to a normal state, but until then the bear looks to be in play now
Thanks for the update, will keep my eye on this one…
Good analysis. I can see this coming up to meet the trend line and then plummet. We haven’t seen the best buy price yet
GBPJPY recently has made massive ground in the bear camp. The drop from the top has all been due to the problems were all facing in the world. Looking at GBPJPY today we can see its broken through all up trends it formed. Now we look for areas of reversals, to do this we can only look to see where price has strongly reversed from in the past. obviously the conditions currently may be a little different, but its all the same in the grand scheme. Last time price came the area of 127.00 i called the long and we gained over 500 pips from this trade. so i will be looking to do the same from 127. Obviously dont just lump a long position in wait for price to reject the area and give signs of it stalling. Then you can get a nice R:R trade in with a tight stop loss. If it breaks through that level then the weekly support zones below look to be the next stop. Trade safe risk management as always GLIYF
Since i last looked at GJ i was looking for it to hold at the previous low for another swing upwards. It didnt quite hold instantly but as price closed below, but straight away the next day we surged back above the 127 level. Closed above and 2 bullish days kept it alive. currently on a small bearish day candle but price is getting squeezed into a corner, ive included the 4H chart today to look at current price action and as you can see we are making higher lows. We just need price to break out this little squeeze to make a new higher high then we could be on for a nice little bull push for some pips. Obviously the break below isnt off limits so watch out and be careful. i think i will wait for that first higher high then buy on the next pullback, as if a bull is real there will still be plenty of pips to be had. New week begins lets make it a good one. GLIYF
Well revisiting our friend GJ from mondays analysis. I suggested a buy for some at the price of 128.200, ive included the chart form monday so you can see, and what do you know we are at wednesday and we have gained over 500 pips. So well done to anyone who took the advice and made that amount of killer pips on whats only been two days essentially. As i thought what would happen we have created a new higher high. Ill be looking to buy on the next higher low made in price for another push higher. But as we know the world is in a mess right now so risk management is a must in these conditions. Trade safe GLIYF