GBPJPY Ready to moon? or not

Leebax

Master Trader
Aug 16, 2019
61
27
49
35
Going back to GBPJPY today and boy is it in a position ready to move big. Its probably been in the longest piece of sideways action seen for some time. you can see its been trading up and down in this channel for weeks. Ive always presumed its a bull flag and ready to pop up any time, its moved upwards a couple of hundred pips in the past couple of days, but signs of rejection again at the top of this channel. Wait for a clear break and then trade that direction sensibly as it most likely will be a big move to catch. stay safe out there and risk management as always


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DT77

Active Trader
Feb 24, 2019
268
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51
Think I'm in the minority but think it's more likely to go down
 

SteveF

Active Trader
Oct 17, 2019
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7
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2019-11-28 23_34_17-4009672_ OANDA-v20 Live-1 - [GBPJPY,Daily].png

although not always "the answer" there is a little RSI bearish divergence on this consolidation.

However, we all know why we see patterns like this right?.....because the market is not ready to move yet.

I don't know of a way to read the true direction it will go. I have to wait for price action clues (and hope I don't get faked out!)
 
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georgequayle

Trader
Feb 16, 2019
90
2
19
21
ive been avoiding GBP for a long time now but hopefully if we get a brexit outcome i can start to trade again
 

ScottHughes

Trader
Dec 2, 2019
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35
whichever way this pair goes i'm hopeful for a GBP bull run after the election, through december
 

DT77

Active Trader
Feb 24, 2019
268
28
34
51
Could be a good time to buy now before the election. But Boris still has time to screw it all up so it's a bit a of a gamble...
 

Petez_FX

Trader
Aug 13, 2019
81
15
14
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Dodgy one, I'm staying away as it's in no mans land. Price has jumped up a lot this week - don't be expected to see the big boys do some profit taking tomorrow.
 

Leebax

Master Trader
Aug 16, 2019
61
27
49
35
Good morning traders, last day of the week and NFP today so be careful out there in the markets. Looking back at our friend GBPJPY. There has been an obvious break above resistance on the daily chart now, it looks like the bulls have taken over. I will be looking to enter on a pullback to the support level just below once the moving averages have had time to catch up to price. The elections next week will be a big mover for this pair, thats for sure
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Leebax

Master Trader
Aug 16, 2019
61
27
49
35
Today is our friend GBPJPY. tomorrow is election day and im sure the market is going to go wild. In normal conditions i could see this pair consolidating for a couple of days to give the moving averages time to catch up. Find support around ther demand area for the push up to the supply above. BUT the election i think may swing it either way BIG. If you decide to trade GBP pairs today/tomorrow make sure you use correct risk, or lower than usual. Either way if you trade the right direction im sure there will be a big amount of pips to be collected, which will make up for the lesser position size. Stay safe traders
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DT77

Active Trader
Feb 24, 2019
268
28
34
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Climbing rapidly right now. looks like Boris has won......
 

Leebax

Master Trader
Aug 16, 2019
61
27
49
35
Well its friday end of the week, the morning after the UK election. Seems the Con's won by a big margin. so were going back to our friend GBPJPY. When i first started analysing this pair for you just over a month ago i was calling longs all the way from the bottom support box. As of now its been well over 1000+ pips. this surely shows a new big bull has been born, buy the pullbacks will be my thoughts. Anyone saying about the gap and trying to trade the gap should be careful, As there is a gap on EURUSD from 2017 that still hasnt been filled, so dont think its a certainty it will be filled. Have a good weekend all
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