GBPJPY Ready to moon? or not

Leebax

Active Trader
Aug 16, 2019
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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
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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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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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DT77

Active Trader
Feb 24, 2019
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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
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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

Active Trader
Aug 16, 2019
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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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