GBP/JPY Analysis for Week 29
DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".
Guys I cant say this enough, this pair is beautiful! The structure, the predicament of its movements its all very structural and precise. Which makes this a money printing machine. Now we saw the price break out of the big ascending trendline and ascending wedge. So lets take a look at what could happen here.
Daily:
So I've already seen the price movement on weekly and monthly. So lets look at Daily, here can see that we are gonna start reaching previous support and resistance areas. But we have to look for entries. So I drew out our fib levels, which we see have retraced to our 50% level last week which was also the area I predicted would carry out seeing as how it would go back and touch the trendline and catch traders selling on the outbreak. And it looks like the pair could come to the 23.6% retracement level. So The plan would be to wait and see it break and come down, or reject it completely.
4hr:
Alright so I had drawn this past week a few small ascending trendlines that just represented the retracements. There are some support and resistance areas around 140.735 that seem important from March and June, which is where the price touched this week and stopped after the huge sell off. So like I said, I'll wait to see a rejection of the resistance area and sell.
Guys I cant say this enough, this pair is beautiful! The structure, the predicament of its movements its all very structural and precise. Which makes this a money printing machine. Now we saw the price break out of the big ascending trendline and ascending wedge. So lets take a look at what could happen here.
Daily:
So I've already seen the price movement on weekly and monthly. So lets look at Daily, here can see that we are gonna start reaching previous support and resistance areas. But we have to look for entries. So I drew out our fib levels, which we see have retraced to our 50% level last week which was also the area I predicted would carry out seeing as how it would go back and touch the trendline and catch traders selling on the outbreak. And it looks like the pair could come to the 23.6% retracement level. So The plan would be to wait and see it break and come down, or reject it completely.
4hr:
Alright so I had drawn this past week a few small ascending trendlines that just represented the retracements. There are some support and resistance areas around 140.735 that seem important from March and June, which is where the price touched this week and stopped after the huge sell off. So like I said, I'll wait to see a rejection of the resistance area and sell.
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