The pair broke the resistance yesterday during the US session. The price is now making a return move, testing the broken resistance. I expect a second leg up toward 131.70/90 area before NFP. Visible stop is around 128.80. I hope move this to 129.70 area if the price does bounce after this.
GBP keep on gaining against Yen after a reguler-hidden divergence combination on hourly chart. At the moment, GBPJPY is facing the resistance trendline but still maintain above 144.70 level. Further pull back may be seen until 144.00/30 area. 4-hour resistance trendline is now around 146.50, but 145.50 area is enough for me ;P
So the pair fail to break 137.80 and reach 61.8% retracement (135.50) near the support trendline. There are no signs of reversing yet but I already put my buy limit order :P Nevertheless, it seems like a good price to enter long. My stop loss is below 134.90. The target should be the resistance trendline again near 137.80 but I'm only going to take 40-50 pips.
This is an update from my last post. The pair has reached target at 137.80. The trend in hourly is still bullish but I would wait a break above that 50% Fib level to confirm another move up. Another resistance is around 139.16 which is 61.8% Fib level. On the other hand, GBP/JPY might go down to the support channel again or look for 50% to 61.8% retracement (between 135.5 and 136.00).
The retracement from Friday reach 61.8% and formed a double bottom. It has been moving up since. First target it the 50% level of the 5-wave down from 143.59 to 132.00 at 137.80. Stop loss around 136.
Hello..this is my first post this year ;) Ok, here is my setup for GBP/JPY using hourly chart. I have a short entered at 148.30 from Friday. At this moment I am hoping to see a break below 5-day EMA. My final target is at 147.06 but there are several support levels along the way to 147.06 as shown in the chart. Stop loss should be the current top at 149.49.
The pair has retraced 23.6% of 139.26 to 149.14 at 146.81. There are several support level here, broken trendline and 38.2% level of 118.80 to 163.06 (blue Fib) at 146.16. Break of these support levels should target 50% and 61.8% level. On the upside, first resistance is the falling trendline before testing 149.14 high.
Just a quick update for GBP/JPY and GBP/USD hourly chart setup before the week starts. GBP/USD reachead 50% retracement after went as high as 1.6843 on Monday.The pair bounced from the falling trendline on Friday and I plan to enter on trendline breakout. GBP/JPY had a similar move with GBP/USD, tested the resistance on Monday, tested the support after that, and closed near the week open. Anyway, the is the same with GBP/USD. Thats all. Have a nice day guys! oh one more thing, I can't upload the chart from blogger so click the links below ok..
http://pic.gd/ae7dfd
http://pic.gd/1b6e30
Ok, just a quick update. The pair currently testing the 55 hour EMA and trendline in hourly. I took a short position at 149.77 and again at 150.20 targeting 38.2% retracement at 148.06. Stop loss above the swing high and white trendline. Happy trading!
Above are GBP/JPY H4 and H1 chart. From last post, the pair finally break above resistance and has reached target - which is the range of the sideways. I drew trendline on weekly chart and this could be the time for some significant fall, at least to test the 149.35 support. Below the rising trendline on H4 chart then we can target 146.71 support near.
Above are GBP/JPY H4 and H1 chart respectively. The pair opened below H1 trendline just now after consolidation on Friday. Hourly trend is up, and a further retracement from Friday's high (149.27) can't be ruled out. Another possible scenario is to make a higher high to test the broken neckline on daily chart (around 150.80) before testing the 146.72 support. Well, nothing much I can say. Break of 149.27 or 146.72 would give a clearer view. I just hope it will happen soon. The longer I wait, the more likely I snap and flip a coin for long or short! ;p
The pair closed at 142.21 last week after. The pair failed to take out 143 resistance and the H4 channel remained intact. The trend in H1 chart is still bullish derived from 30/50 EMA and QQE above 50. However, GBP/JPY did make a LL and LH, which may be an early signal of a downtrend continuation. Immediate support can be seen at 141.6 area while resistance is at 142.9 area. Take a look at the screenshot for trendlines and breakout target. Ok thats all. It's FOOTBALL TIME! ;) Hace a nice weekend guys!
