GBPJPY

How long can u go

Hello traders,GBPJPY has reversed in my view.Our intermediate tp is 175 but for today or tomorrow let us target 163.97 God-willing.This is because the daily downward sloping trend line has been broken with conviction and the 4h time frame has made some structural journey of HH and HL severally.

After the above post yesterday,the GBPJPY pair encountered a resistance level and halted,being a previous structural swing high 44 hr level on 30/03/2016.I suggested selling the pair with TP at 158.37 as it may want to re-test that historically strong level too.That comment was not delivered due to the current Internet disruption at my end.

I remain bearish till 155.30 unless a support hold,God-willing. Should the daily downward sloping trend line that was broken to hrald the bullish trend be broken again and a a strong close below 156.51 4hr low,I will suggest that the bullish trend lack conviction and I will resume selling with TP at 151.80 God-willing.

Let us watch keenly.

Plenty more fuel for the brexit risk:

https://www.bbc.com/news/business-36150191

OECD gives some for the anti-immigration people:
https://blogs.spectator.co.uk/2016/04/oecd-says-brexit-would-slash-immigration-to-a-quarter-of-todays-levels/

That, along with a fairly strong pound (that is likely way overbought) and not much to weaken the yen after BoJ, opens up levels below 155 again.

Alright,I close all my short positions on GBPJPY.I buy now with SL at 156/.10 and TP at 163.97 God-willing.

It'll likely continue dropping.

Friends,I believe the bearish sentiment has reversed.I am bearish now with SL at 151.53 and TP at 169.714 level.This is about 300 pips risk to make 1,500 pips profit,God-willing.

Happy longing!

mmafxbook posted:
Friends,I believe the bearish sentiment has reversed.I am bearish now with SL at 151.53 and TP at 169.714 level.This is about 300 pips risk to make 1,500 pips profit,God-willing.

Happy longing!

you are right

GBPJPY was hardly moving the last few days, I wait for a definitive break up or down, pullback, and then enter on the continuation. Prefer a break to the downside, because of BREXIT.. however it seems to turn in a more positive sentiment regards to this, which is of course better for the GBP.

Not really optimistic, so i'm staying out at the moment.

GBPJPY bumping its head against some major s/r level and 4H 200 ema, if a bearish engulding follows, i will take a short.. I hope this does not happen til AFTER the Thursday BOE interest rate decision.

The pair is testing the support at 157.00 again, but I wouldn't open new shorts before it breaks below that level.

Fellow traders,Base on TP review analysis my TP for GBPJPY after the positive BOE rate decision today is no longer 169.71 but 165.82 God-willing.Except for counter traders,we should be buying low now rather than selling as the trend as reversed convincingly from short to long ditto other GBP pairs too such as GBAUD,GBPNZD and GBPCAD in my view.

I took a short after a nice engulfing bearish candle tuesday morning, it went my way quite a bit but on wednesday night it went up again, and the BOE news on thrursday was the final verdict, it spiked up and took my stop.. to fall back down not long after that!

Now waiting for a solid signal to short again..

Long term I do not agree that the GBPJPY will be bullish, in fact the BOE chairman Carnegy even warned yesterday the GBP may get a lot weaker the coming weeks before the BREXIT vote on June 23, If the polls keep showing a neck to neck race between In or Out of the EU.... beside that, markets show more and more a Risk Off sentiment which should make the JPY stronger.

So no way I will take any longs on this pair! or any GBP pair

mnierop posted:
I took a short after a nice engulfing bearish candle tuesday morning, it went my way quite a bit but on wednesday night it went up again, and the BOE news on thrursday was the final verdict, it spiked up and took my stop.. to fall back down not long after that!

Now waiting for a solid signal to short again..

Long term I do not agree that the GBPJPY will be bullish, in fact the BOE chairman Carnegy even warned yesterday the GBP may get a lot weaker the coming weeks before the BREXIT vote on June 23, If the polls keep showing a neck to neck race between In or Out of the EU.... beside that, markets show more and more a Risk Off sentiment which should make the JPY stronger.

So no way I will take any longs on this pair! or any GBP pair

Probably wise.

😄

I think we should wait for more Brexit clue.

The bearish trend may continue on the GBPUSD, but the 1.4300 may act as support. If price breaks above the 1.4400 level, then the 1.4500 level may act as resistance.

GBP/JPY is still consolidating. I think the pair will reach 157.00 before it starts falling again.