Regarding GBPJPY

Any suggestion regarding GBPJYP, will it go down next week or ll remain in upward trend.

Thanks.

Ah yes, the dreaded GBP/JPY. I took my first loss in a long time on this pair the other day, trading the 4 Hour charts. I even went as far as to take it off my watch list, which of course is totally irrational. But I wanted to show it who was boss-- give it the cold shoulder as it were, out of revenge.

What happened was, it broke above resistance and appeared to be a strong breakout trade. I was expecting a retest, but it broke back through- the new support level didn’t hold. I had tightened my stop in anticipation of the weekend. Of course it wound up getting hit, and I took a small loss.

Personally, I think there are better pairs to trade next week. For example, AUD/NZD has great downward momentum, and still has a lot of room to take nice profits. EUR/USD appears to be getting ready for a downside breakout and a measured move to the beginning of the previous uptrend.

If you must trade the GBP/JPY, be sure to use stop orders and wide stop loss orders. Hope this helps. Best of luck.

You are in a range, either learn range trading or stay out until it picks up the trend again. Look at the 4hr, clearly range bound. define your ranges and trade within them.

The Ever Rangy VIPER

GBP/JPY has been forming a wide consolidation above 150.00 for two weeks now and as a result it has formed a shooting star candlesticks above that level on the weekly time-frame. If this week’s candlestick closes without any major changes it will form a spinning top and both of those are a signal for a likely new move to the downside.