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Gbpjpyshort

GBPJPY - Daily Trade Idea - 8-Feb-23GBPJPY (SHORT)- If all the resistance holds in place. If we see the Resistance broken out then we could see the shift in the trend. I marked the TP 1 (20 pips), TP 2 (50 pips) , TP 3 (100 pips) and EXIT (SL - 60 pips) on the chart. (THIS IDEAS VALID NEXT 24 HOURS) Please note this is only the Trade Idea base on S & R and not a signal, the market can react differently during the session due to News Impact and only enter if we have the final confirmation for entry. - Rejection Candle Formation - Red Candle after the Green Candle. - Stochastic - Overbought Area - Timing of entry Prior / during UK / US Market Session.
Short
by onelinkFX
1
GBPJPY repricing taking placeGBPJPY has consolidated in the daily chart since the start of the year, following a steep decline in December. The price for GBPJPY keeps bouncing on the major area between 161.800 resistance and 156.300 support on the daily timeframe. There is also a minor consolidation between 161.800 and 160.600. This minor consolidation area is highlighted between the 50-EMA and 20-EMA periods. Last week the break in the minor consolidation led to a downward move. A noticeable three-bearish candle pattern formed a three-black crow after the break of structure from the minor consolidation. This formation may signal a potential further move to the downside. However, before the week ended last week, the formation of minor support occurred at 157.300, following the pattern formation. After the price created minor support at 157.300, the price recovered about half of its loss after the breakout at the minor consolidation area. It may tap at 160.600 or the 20-EMA period for a possible retest before a rejection happen. It is also worth noting that the weekly candle does not have a bottom wick which can be considered a Marubozu open. This type of candle could mean that the bulls are in control at the moment, and the price keeps moving without falling, which supports that we may have enough strength for a retest. On the other hand, some believe that a candle without a wick will eventually form one, either at the top or bottom. This could mean that after a retest, there is a possibility of a downward move to create a bottom wick. Historically, a candle closes without a wick is rarely seen in the forex market. Since GBPJPY is technically in a consolidation period in general, it is hard to say that the current downtrend will continue. But the signal given by the three-black crow formation may hold if the price found itself breaking below this major daily consolidation area between 161.800 and 156.300. In conclusion, GBPJPY has been consolidating between the price range of 161.800 to 156.300 since the start of the year. A recent minor consolidation between 161.800 and 160.600 was broken, leading to a downward move which created the three-black crow pattern. However, the creation of minor support at 157.300 allowed the price to recover half of its losses. A possible retest at 160.600 or the 20-EMA period is possible, but it is uncertain whether the downtrend will continue. The current trend and the signals given by the three-black crow formation will depend on whether the price breaks below the major daily consolidation area between 161.800 and 156.300.
by BlackBull_Markets
GBPJPYgbpjpy clearly in a uptrend on lower time frames and also pivots still showing trend up at the moment but this level gettin hit on the 4hr we could see a nice pull back which would be perfect for tomorrow for a buying opportunity around 159.1-158.8 now when it get to tomorrows pivot levels i want to see what it does just because we have equal lows "eql" and trend line liquidity "tll" which means theres a ton of orders resting at that low but as long as gj 158.8 level holds im looking for buys when thats broke ill be looking for sell setup to the 158 level
Long
by wolf_pack
A new Bearish setup on GBP/JPYTaking the divergence, almost triple top patterns into consideration, the market has left us with a plausible bearish cause to decide upon, knowing well that the price is still trending above the trendline. For a bearish setup to be strongly confirmed, price needs to break below the trendline and also break the previous low (BOS). Alternatively, if the price happen to break the supply zone, then the bullish run could be targeted towards 164.10. Watch out.
Short
by Adefxc
GBPJPY Key Support Zone GBPJPY Has retested off the key support zone again to create the end of a triple bottom that we previously saw break out bearish but with last weeks positive news for GBP and the downward trend of the JPY add confluence to the pivot point and we could see prices rise, that being said amidst the gloomy outlook on the undecided interest rates in the UK it would be wise to see how we react after market open going into next week and if we continue bearish to retest the support or break through.
Long
by OfficialKieranTrewick
3