The GBPJPY has bounce from the horizontal support level but couldn’t reach a new high. The door is still open for another attempt to test the daily channel resistance but the lower high makes me uncomfortable to enter long at this level. I rather wait for a pullback for a safer entry… perhaps some fasthanded bears trapped below 136.00 level. I still consider the two previous pullbacks as missed opportunities.
Tag Archives: GBPJPY
A higher low here would confirm the breakout and will open way to test the bearish channel resistance. Looking for a 1-2-3 reversal on the 30m timeframe.
The GBP/JPY reached its prior swing high after the bullish breakout. At this level it is still undecisive but certainly looks bullish. Since I skipped the long entry at the pullback it is not safe to enter at this level.
After a bullish breakout from it recent range the GBPJPY pulled back to the 50% fibo level of the previous upleg. The higher low suggests that the pair will extend the current upmove. I missed this chance for a long entry, now waiting for the next pullback to join the bulls.
The sterling seems extending its up recent gains against the dollar as well therefore the long side seems to be the right side at the moment.
The GBPJPY broke out on the upside from its sideways range that has trapped the price since early June. I was looking for a buy signal to enter long if the pair would extend it’s recent upside but the pullback seems getting a bit too deep now.
Entered short last Friday on a pullback after the price broke lower from the 133.50-136.00 range. I’ve put the initial stop above 134.00 so stop hunters couldn’t get me out. Held the position against a 182 pip rally on Monday and closed it with a decent gain today as it has reached my target at the previous swing low and also a measured move on the 4h chart.