Forex Market Analysis – GBPJPY Looks Bullish
The GBPJPY is trying to push higher but cannot appear to get above resistance (yet). i’ll buy after a confirmed break above resistance (I’ll use a 15 min candle above to confirm), then wait for a pullback near former resistance/new support. option B: If up trending support fails i’ll open a short position (I’ll use a 15 min candle below to confirm), then wait for a pullback close to former support/new resistance. That said, the GBPJPY has backed away from the 141.45 level. that usually means a push higher. For currently it’s simply patience and watching.
In Other View Point – GBP/JPY RESISTANCE AHEAD ! WATCH PRICE ACTION AROUND
Pound has been soaring past a lot of resistance levels and its approaching the 61.8% fib level @ 141.88 -98 as well as T.L resistance from Dec 15th 2016 , time to stay on the sidelines and watch how price reacts to this level and T.L resistance.A strong pull back or resumption of the bearish trend towards the downside can occur.
In Another View Point – GBP stregnthened against JPY at the start of London session
GBPJPY and GBPCAD were in my radar at the beginning of London session.I selected GBPJPY because JPY was much weaker than CAD at the time of entry. In the end, it seems that both pairs weren’t too bad. i’m targeting a 1:1 risk reward ratio but i will be extra careful when price reaches 142.