GBPJPY Bull pattern

haha like that name! its been an interesting pair for sure the last few months

The level of 163.000 seems to be working as a level of support. The buyers may push the price towards the North for a while. The pair may find its next resistance around 165.350.

GBPJPY still respecting the channel… Even after BoJ Intervention…

Top of the range to bottom of the range, bottom of the range to top of the range…

Where did you think price was going to go next? It’s not that hard… Really!

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The pair made a strong bearish move in the H4 chart yesterday. It is traded below the last swing low. The sellers may get some short opportunities here.

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That’s the level I’m eyeing

Exactly that, but if you sold from the top of the range you would be in a thousand pips profit now !

Today the long awaited “mini budget” was announced by the Chancellor and the new Govt.

Many guys went short GBP in anticipation - there were no surprises in the budget since most was in the Truss leadership campaign - lower taxes, more borrowing etc.

The break of the lower level coincided in timing with the mini budget announcement - the sell algos were simply waiting for confirmation.

Was this ‘news’ priced in?

Well the news was already out there but the market needed confirmation - and it reacted - I thought maybe would take a little longer but hey - profit is profit.

Current Affairs effect on the market - Trading Discussion / Economics - BabyPips.com Forum

GBP-JPYhr1

Edit: I kept those 2 down arrows on the chart from my last post this thread for a reason :slight_smile:

Yeah as expected with the mini budget being announced.

Massive drop down. Really similar to GU

A decisive breakout of the 4 Hour structure and into the Daily structure…

Top of the range to bottom of the range, bottom of the range to top of the range…

Where will price be going next? Shorts closed… Still not a confirmed Buy at this point.

Edit +4H: Liquidity being amassed at the 152 level… 153 to 158 with a bullet…

GBPJPY made some big swings in the H4 chart. The pair made a big bearish move, then it made a bullish correction. The correction has been a big one as well. However, considering the H4 chart, the pairs seems to be dominated by the Bear.

HUGE moves going down at the moment, especially with GBP. and the Dollar. Can we see some reversals coming? This week’s video is out now, head over and subscribe if you haven’t already :slight_smile:

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GBPJPY has been heading towards the North with decent pace. The price seems to be making a bullish breakout at a significant level. It may continue its move towards the upside for a while.

Top of the range to bottom of the range, bottom of the range to top of the range…

(GBPJPY 4 Hour) 700+ pips over 4 days…

Who couldn’t see this opportunity? Simple risk adverse profits…

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It was nice to see it bounce back

Top of the range to bottom of the range, bottom of the range to top of the range…

(GBPJPY 4 Hour) 1150+ pips over 6 days… With162 the repetitive consolidation level…

Who couldn’t see this opportunity? Simple risk adverse profits…

The level of 159.500 may hold the price as a level of support. A bullish reversal pattern at that level may push the price towards the North again. A bearish breakout, on the other hand drive the price towards the South.

The level held the price as a level of support and pushed the price towards the North as I anticipated in my last post. It made a bullish breakout at 165.650. The buyers may keep their eyes on the pair to go long.

Will be keeping a close eye on this for the next week. Looks like liquidity is coming back in

Looks very bullish in the H4 chart. The buyers may wait for the price to make a bearish correction or consolidation followed by a bullish breakout to go long in the pair. It may end up being a very strong bullish move here.