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GBPJPY trade ideas

#GBPJPY: UPDATED VIEW 24/10/2024 **GBPJPY UPDATED VIEW BASED ON PREVIOUS ANALYSIS** Dear Traders, I hope you are doing well. Based on our previous analysis of GBPJPY, we identified two potential selling opportunities within the market. However, the bullish sentiment in the DXY currency pair has had a significant impact on JPY, causing it to fall short of its full value within the daily timeframe. As of today, we have observed a potential exhaustion of DXY’s bullish momentum, with four-hour candles indicating a strong bearish pressure. This development presents an opportunity for JPY to rebound, potentially allowing us to secure substantial profits within the market. Now, let’s focus on the GBPJPY currency pair. The price has extended its bullish trend, although there is a possibility of a reversal from its current position. We recommend implementing appropriate stop-loss orders for any sell entries taken from the current market price. If the initial entry fails, we are confident that the price is likely to reverse from our second entry. Before making any decisions based on this analysis, it is essential to conduct your own research. This analysis is solely for educational purposes and should not be considered financial advice. We appreciate your feedback and support. If you find our work valuable, please consider liking and commenting on our ideas. Additionally, following us will provide us with encouragement and motivation. Best regards, Team SetupsFX_
Short
by Setupsfx_
19
GBPJPY Long term wave analysis Based on Annual chart wave analysis The large period that connects the whole from the 1970s is trendless. Annual chart environment. 1. Above the 2009 return L high. 2. Up trend. 3. Above MA Sma20 and Ema 26. 4. Candle above the neck YSR. (Year Support and Resistance) As there is no prominent SR when rising, it is assumed that it will rise to the trend line. 6M chart The selling pressure of the 6M candle is currently moving above the SR due to the bounce from below. We can confirm that the price rose after establishing a zone base of 12345 as a foothold.(W bottom) 3M Above the YSR. We can confirm that the 01/07/24 candle is being pushed back, and it seems that strong buying momentum is continuing. Strong buying momentum continues as an uptrend Yet.. The current candle is being pushed back into the neck zone SR of 6m and 3m 3M (remaining November and December) possibly be pushed back toward the YSR as a correction wave. Month. The monthly candlestick is moving above the YSR due to the MA rebound. It can be confirmed that the trend line was broken during the decline. As of 15/11/2024, the monthly chart has been pushed back within the parent (Dominant) wave SR, 6m, and 3mSR, so it appears that the strong uptrend has been stalled for the time being. Prediction. Long, It is desirable for the monthly candlestick to move and close above the parent wave SR, 6m, and 3mSR. Short If this month's monthly chart closes at a negative line, it may be possible to consider aiming for a short on the YSR. Additional information. To check the price movement for the next two months, it is necessary to check the shape of the candlesticks below the monthly chart. Best.
by Nana-73
GBPJPY - Will the pound continue to weaken?The GBPJPY currency pair is above the EMA200 and EMA50 in the 4H timeframe and is moving in its medium-term bullish channel. If the correction continues to the support range, we can buy with a suitable risk reward. Breaking the resistance range will pave the way for this currency pair to continue its rise. Pension Reforms in the UK • Consolidation of Local Government Pension Schemes: Rachel Reeves, the UK Treasury Secretary, aims to merge local government pension schemes into larger funds (megafunds). This initiative involves pooling the assets of 86 local government pension schemes into a large fund managed by professional investment managers. • Objective: To increase investment in long-term, high-risk assets, reduce management costs, and strengthen investment in infrastructure and local areas. • Further Reforms: In addition, Reeves plans to make changes to financial arbitration services and the combined stock market, marking “the most significant pension reforms in decades.” Inflation Outlook and Interest Rates in the UK • Comments from Bank of England Member, Mann: Bank of England member, Mann, warned that substantial volatility in macroeconomic indicators will be seen in the coming years. He suggests that inflation may remain high for an extended period, necessitating a higher neutral rate. Additionally, he noted that lower interest rates compared to high inflation would put more pressure on investments. Japan’s Support Package and Economic Stimulus • Budget and Household Support: The Japanese government has planned a supplementary budget of 13.5 trillion yen (87 billion USD) to fund an economic stimulus package. This budget includes a payment of 30,000 yen to low-income households and 20,000 yen per child in households with children. • Energy Subsidies: The government will also reintroduce electricity and gas subsidies from January for three months to help households cope with rising fuel and service costs. Financial Risks and Supervision by the Bank of Japan • Concerns About Non-Bank Financial Institutions: The Bank of Japan’s Deputy Governor, Uchida, warned that increased connections between non-bank financial institutions and banks could pose risks to the entire financial system. He emphasized that non-bank institutions handle almost half of global financial intermediation, which requires close attention. Actions for Stability in Japan’s Currency Market • Currency Market Intervention: Japan’s Finance Minister, Katsunobu Kato, stated that appropriate measures will be taken to control severe and one-sided fluctuations in the currency market if necessary. He stressed the importance of sustainable exchange rate movements in line with fundamental principles.
Long
by Ali_PSND
GBPJPY possible short position swing.The recent increase in the UK's unemployment rate to 4.3% has raised concerns about the British economy's health. This uptick suggests potential economic challenges, which could weaken the British Pound (GBP). In the GBP/JPY currency pair, a weaker GBP against the Japanese Yen (JPY) may present a bearish trading opportunity. Traders might consider monitoring this pair for potential sell signals, especially if technical indicators align with the fundamental data. 1:3 ratio
Short
by Eleazarahmath
LONG GBPJPYTechnically the pair is showing the bullishness. In the few days past, it has shown the corrective move. Yesterday, it completed the ABCDE pattern and it broke to the upward by breaking the Highs in the 1H timeframe. I expect the previous highs to be broken and shoting to the almost highs. Fundamentally; GDP DATA #goodstrade balance non  EU 4.950B to 5.0B #goodstrade balance sep15.06B to16.2B #GDB mon sep 0.2% to 0.2 (unchanged) #GDBgrowth rate 0.7% to 1.0% Educational comment If the data expected will be as it is, the GBP will remain bullish.
Long
by BoaNergeTrading
3
GBP/JPY Approaching Key Channel Support: Potential for Downside **GBP/JPY Technical Outlook: Bearish Signs Building as Price Approaches Critical Channel Support and Triangle Pattern Tightens** The recent movement in GBP/JPY has played out precisely as anticipated, with the price reaching my previous target. As the pair now approaches a critical junction, it’s beginning to display several bearish technical patterns that could hint at an impending trend reversal. At this stage, GBP/JPY is forming a triangular consolidation within an upward channel, testing the strength of the channel's lower boundary. This pattern is particularly important, as a decisive break and close below the channel would signal that selling momentum may be taking over, potentially altering the broader trend. ### Triangle Pattern and Lower Channel Boundary The triangle pattern currently taking shape suggests that GBP/JPY is undergoing a phase of consolidation, a period in which buyers and sellers are in temporary balance. However, with the price hovering near the lower boundary of the channel, this balance may soon tip in favor of the sellers. A breakdown below this channel would be highly significant, potentially confirming a shift in the prevailing upward trend and opening the door to lower price levels. ### Daily Timeframe: Double Top and Lower Highs Zooming into the daily timeframe reveals even more compelling evidence of weakening bullish momentum. GBP/JPY has formed a notable double top pattern, a formation known for signaling bearish reversals. The double top suggests that the buying strength encountered substantial resistance near recent highs, leading to a rejection. This pattern often serves as a precursor to a bearish move, as it shows that the upward push is running out of steam. In addition to the double top, GBP/JPY is also forming a series of lower highs, which reflects an increase in selling pressure. This sequence of lower highs implies that buyers are struggling to maintain the price at elevated levels, allowing sellers to gradually take control. Such patterns often indicate that the market’s sentiment is shifting, with sellers gaining confidence while buyers lose momentum. ### Potential Bearish Continuation and Support Zone Target If GBP/JPY breaks down from the triangle pattern and exits the channel, the bearish momentum could accelerate significantly. The key support zone around 195.570 stands out as a potential target for this move. This level has historical significance, serving as a support in previous downtrends, and could act as a point of interest for buyers once again. However, if the selling pressure remains strong, GBP/JPY may even extend beyond this zone, leading to a deeper correction. ### Summary In summary, GBP/JPY is at a critical inflection point, with bearish patterns accumulating across multiple timeframes. The triangle pattern within the channel, coupled with the double top and lower highs on the daily chart, suggests that downside risks are mounting. A confirmed break below the lower channel boundary could trigger a strong bearish continuation, with the initial target around the 195.570 support zone. As the price approaches this crucial support, it will be essential to monitor for signs of renewed buying interest or potential further declines.
Short
by lonelyPlayer0
6