gbp/jpy analysis

[fibo777]

As previous day low was tested many times but wasn't broken I entered long at the break of asian high and exited at an even number. Small day trade.

 

[fibo777]

The pair is in a small range now. There could be a possibility to buy at support and sell at resistance. However, I guess the pair will break out of the range tomorrow. Not sure about the direction yet.

 

[fibo777]

I did not trade on friday. Now gbp/jpy continues staying in an ugly range. I hope it will go out of it in the beginning of next week. I am going to sell at the break of minor support which is at 134.00 level. A breakout up is also a possibility but I would only enter it if it happens in the European sesion and by no means on sunday open.

 

[fibo777]

gbp/jpy was caged in the same ugly range it has been for a couple of days already between 134.80-133.00. The best policy is to trade reversals at support and resistance after formation of 123 pattern. I expect a breakout but not sure if it happens tomorrow. We need a strong push for the pair to breakout, perhaps some macroeconomic data.

 

[fibo777]

Looks like we have got a false breakout in gbp/jpy today. The pair broke through support and came back. If it goes to support level in european sesion I would be looking for opportunities to buy.

 

[fibo777]

Right now I see two levels of support. One is 132.80 and another is 132.40. I do not trade asian sesions so if support levels are not reached during european sesions, I might take a day off. Fridays as you know are crazy days.

 

[fibo777]

I think more action will be in cad pairs today. Some important news coming from Canada. Not sure, but gbp/jpy can be influenced as well.

 

[fibo777]

Pretty boring range. Not doing anything at the moment with gbp/jpy.

 

[fibo777]

I am slightly bullish at this level. However, resistance is at 132.00. I will watch for reversal patterns there. If price retraces to 130.00 level I would buy after reversal is formed at support.

 

[tradersmindset]

@fibo777,
Good analysis there my guy.
Cheers

 

[fibo777]

@fibo777,
Good analysis there my guy.
Cheers

Hi, thanks. Are you a new moderator? It is written junior.

 

[fibo777]

Resistance of 132.00 was broken on friday. Now it is support. If it goes to the level in european session I would look for opportunities to buy. 133 is now resistance.

 

[fibo777]

gbp/jpy

gbp/jpy bumped into double bottom on the 31st of august (last week) and now ranging between 128.64 and 131.00. Buy at support and sell at resistance. Simple trading system.

 

[fibo777]

gbp/jpy is at resistance now, there could be shorts at the level when a reversal structure is in place. Support is at 128.00

 

[fibo777]

Support at 128.00 held now it is at 128.50. Possibilities to go long from there. Again, price action around European session is the most important to watch.

 

[fibo777]

If Japs continue intervening the best policy would be to buy gbp/jpy and other pairs after retracement.