GBP/JPY

[shahzad0able]

This Thread is made for the discussion of GBPversus JPY.
You can give here forecasts, explanation about the market And Technical Analysis.

[topman]

Okey, from the trend tunnel showing a bullish trend on hourly chart, so we need to setup the bullish plan too. As seen on the chart, i expect the price will go to 151.552 and challenge that barrier. In case it can breakout there, then price would be continue increase to meet 152.317. For the stop level we can set on 150.185.

Chart :

[saiansh23]

With a break above 150.40 We can expect a move towards 152.03 as wave C of current abc and howerver
a move above 152.10 is not allowed in any case because this will tell you that correction is completed of wave 2 and
are well on our way to test the highs at 157.00 area and break there will continuation But howerver we need to break below
149.30 and then 147.40 to confirm that current ongoing correction is completed But I wont prefer that because when
waves move there has to be some pattern and that pattern allows a move towards the upside before abc correction
will complete with a new high above 151.90 So lets see how wave unfolds and see the behaviour of price action
next week.
Regards
Check the chart

[saiansh23]

Look at this chart we have got the rejection from the first resistance But we need to break below 146.70 to confirm that rejection and if we are not then trend extreme 152.85 would be waiting to be tested check the chart But I favour a bearish scenario Still but Only time will tell

Regards

[hafnaoui]

The pair still moving slowly, but we notice the attempts to breach 151.80 level yesterday, to support the domination of the bullish trend on the near term and medium term basis, while we keep our bullish overview to reach 153.20 level as a first target for the current trading, conditioned by holding above the 149.00 support line.

[saiansh23]

NOw As 151.82 is gone and 152.85 is few pips away from being tested Whats on the cards now
yes it is 153.13 surely Before we get the breakdown Test is possible But anybreak below 149.80 will be the
early indication of Top is already in place and it will test the 147.00 area And we need a break there for Shorting
And Now watch the possible exhaustion in the pair As it will be on my eyes to go with the pair momentum
Regards

[hafnaoui]

The pair failed to breach 153.20 level which forms an obstacle against resuming the bullish bias, to notice settling around 152.20 level since morning, and in general, the bullish bias remains dominating the price trading conditioned by holding above 151.00 as an initial support level until gaining the positive momentum to reach 154.40 level as a main target for the near and medium term trading.

[hafnaoui]

The pair recorded 150.40 since morning affected by stochastic negativity which is looking for new positive momentum to support the recently dominant bullish bias, and we should mentioned that the bullish bias remains valid conditioned by holding above the upside channel’s support at 149.50 which meets the moving average 55.

The stability of the channel’s support solidifies the bullish bias to reach 153.00 level again, while attempting to break this support will push the price to form negative wave.

[saiansh23]

I have seen some quick downside Momentum in the pair and But as long as 149.50 protecting the downside for the pair
I would really like to see the test of 153.00 Which should be done for the pair And the we will see the break of 149.50 and test of 147.70
extreme support and we need a break below 147.70 to see the pair carry towards 145.50 which should be break for the one last and powerful decline. But only time
tell who price unfolds towards but we should break 149.50 for any downside pressure to be building up

[hafnaoui]

The pair remains trading within the bullish channel by the stability of the support level around 149.50, which is supported by the moving average 55 as appears in the above chart, to continue in expecting updating the positivity in the near and medium period to visit 151.80 as a main target.
Stochastic attempts to gain the required positive momentum to achieve the previously suggested target but we must mention that the price attempt to break the support level will cancel the bullish bias domination to be affected by new negativity to visit 148.10 as a negative target.

[sadikmoh]

The pair rebounded from the broken uptrend previously at 151.215 and fell strongly.The first goal will be selling to the point 149.100 as shown in the picture.
good luck to all

[lastnet]

from the trend tunnel showing a bullish trend on hourly chart, so we need to setup the bullish plan too. As seen on the chart, i expect the price will go down again and again in the near and medium period to visit 147.40 as a main target.Stochastic attempts to gain the required positive momentum to achieve the previously suggested target but we must mention that the price attempt to break the support point