GBPJPY - Are We About To See A Reversal?
Updated
Analysis:
Bearish Confluences
Bullish Confluences
Stay Safe - The JPI Team
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Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Bearish Confluences
- Price failed to push higher showing signs of a reversal
- Retest of a key level
- Upwards channel formed (bearish chart pattern)
- Longer term over extended bullish push (retracement needed)
- 13k long position decrease for the GBP
- 2k short position decrease for the JPY
Bullish Confluences
- GBP is the 2nd strongest major currency whereas the JPY is the 8th strongest major currency
- 4k short position decrease for the GBP
- 4k long position decrease for the JPY
Stay Safe - The JPI Team
Please feel free to leave any comments you have and like this idea if you agree with us. Any feedback or comments will be read and responded to. We any comments at all so thank you!
Disclaimer:
This does not constitute as financial advise. We are not responsible for any monetary loss that you endure. Trading is hard to be profitable with and we take losses just like everyone else does too. Our ideas won't always be correct which is why we urge you to always do your own analysis first before entering into the market but please feel free to use our analysis to assist you with yours.
Trade active
Our entry criteria has been met and our order has been filled. We are short on this pair looking to see if we can get a reversal after this over extended bullish push.Trade closed: stop reached
Trade Closed
(-1R) Lost
After Trade Comments:
This trade started off well for us having an initial push to the downside putting us a fair bit into profit, unfortunately however the GBP strength came in and the JPY weakened causing price to head to the upside and hit our stop loss. This trade was exactly to our plan but it just didn't go in our favour which happens sometimes. Likes we've said before its all part of trading and it's hard to accept but these are the things you need to be able to deal with as a trader if you want to be profitable. With that being said let's move on and look for the next setup to capitalise on.
Stay Safe - The JPI Team
Disclaimer
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