SHORT IDEA:
GBPJPY is forming a bearish flag on a daily timeframe after a very strong bearish impulse. This could mean we could see further downside on this pair. However, traders looking to go short should be cautious and take note of the support zone at 132.000; an impulsive break below this zone would be ideal to go short as it would coincide with continuing to form the bearish flag. However, price could go bullish (see below)
LONG IDEA:
GBPJPY is a on a supportive trendline and at a support zone around 132.000; this is both a technical support and a psychological support zone. A break of the resistive counter-trendline could give bears a nice opportunity to go long on a retest of the counter-trendline. However, traders should be cautious and use proper risk management as price is forming a bearish continuation on a daily timeframe.
Do not open a position blindly based on your (or others') predictions. Wait for price to give you a valid entry.
Be sure to follow me for more ideas and analyses.
Best of luck traders!
GBPJPY is forming a bearish flag on a daily timeframe after a very strong bearish impulse. This could mean we could see further downside on this pair. However, traders looking to go short should be cautious and take note of the support zone at 132.000; an impulsive break below this zone would be ideal to go short as it would coincide with continuing to form the bearish flag. However, price could go bullish (see below)
LONG IDEA:
GBPJPY is a on a supportive trendline and at a support zone around 132.000; this is both a technical support and a psychological support zone. A break of the resistive counter-trendline could give bears a nice opportunity to go long on a retest of the counter-trendline. However, traders should be cautious and use proper risk management as price is forming a bearish continuation on a daily timeframe.
Do not open a position blindly based on your (or others') predictions. Wait for price to give you a valid entry.
Be sure to follow me for more ideas and analyses.
Best of luck traders!