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GBPJPY - Another massive sell off on the horizon
Greetings Fellow Traders,
If you've followed my analysis for GBPJPY I've been pretty bearish for the long term for some time now, I was recommending sells near the 184-186 area down to 175 or lower if that were to break. Well, 175 did break and we saw 164s. Recently there was a massive surge back to 175 that I know many of you were able to successfully trade with my chart analysis.
175 has held it's ground very strongly - as expected, former support becomes new resistance in addition to the bearish strength provided by the red line. I will remain bearish on GBPJPY and recommend selling any rally that comes close to the bearish trend strength (red line) If we manage to get a close below the blue line, the bullish trend strength...Look for selling opportunities likely to hit the mid 150s in the coming weeks.
I've indicated potential price action for the upcoming week, we closed this week basically on the blue line - so it's hard to say exactly where we will start. Bias for now is recommended to sell any rally.
This move will also coincide with USDJPY falling below the key 116.00 technical level I have already written about.
Feel free to comment/like/follow.
If you've followed my analysis for GBPJPY I've been pretty bearish for the long term for some time now, I was recommending sells near the 184-186 area down to 175 or lower if that were to break. Well, 175 did break and we saw 164s. Recently there was a massive surge back to 175 that I know many of you were able to successfully trade with my chart analysis.
175 has held it's ground very strongly - as expected, former support becomes new resistance in addition to the bearish strength provided by the red line. I will remain bearish on GBPJPY and recommend selling any rally that comes close to the bearish trend strength (red line) If we manage to get a close below the blue line, the bullish trend strength...Look for selling opportunities likely to hit the mid 150s in the coming weeks.
I've indicated potential price action for the upcoming week, we closed this week basically on the blue line - so it's hard to say exactly where we will start. Bias for now is recommended to sell any rally.
This move will also coincide with USDJPY falling below the key 116.00 technical level I have already written about.
Feel free to comment/like/follow.
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