GBP/JPY 13th August FORECAST
Hey-hey
This is my forecast for GBP/JPY. Looking at the daily we can see that we had a big bearish candle to the downside, but it has no bottom wick. This could indicate that we will be having a bullish pressure coming in to the markets soon.
Also we left a quite a bit imbalance on the table on the 4-hour chart. From 152.578 to 152.887 - 30 pips imbalance to be filled, if filled fully maybe only for 50%. Okay talking about the day trading formula we can see that we found some what of a support from 152.117, I would not suggest to take buys if we haven't broken 152.349 with momentum or if we haven't retested the 152.117 for the clear confirmation that the level will hold. I would buy the market from 162.349 all the way to 152.644. If we break the 152.644 I would hop back on the train and ride it all the way from 152.657 to 152.918. This is how I see it going if it would happen that the bullish pressure will kick in! We might very well could be getting a rejection from the 152.544 and just sell the market down all the way to the premium level of 151.917 or the major support 151.600.
GJ is a very delicate pair right now to trade. So be very careful and cautious. Don't let this pair fool you right now! It has broken out of its very nasty range but it may very well go test the range - hence why the buys.
Thank you guys for listening and take care, I wish you a good trading day and upcoming weekend!
Let me know what do you think about the GJ?
Regards,
LoneFX
This is my forecast for GBP/JPY. Looking at the daily we can see that we had a big bearish candle to the downside, but it has no bottom wick. This could indicate that we will be having a bullish pressure coming in to the markets soon.
Also we left a quite a bit imbalance on the table on the 4-hour chart. From 152.578 to 152.887 - 30 pips imbalance to be filled, if filled fully maybe only for 50%. Okay talking about the day trading formula we can see that we found some what of a support from 152.117, I would not suggest to take buys if we haven't broken 152.349 with momentum or if we haven't retested the 152.117 for the clear confirmation that the level will hold. I would buy the market from 162.349 all the way to 152.644. If we break the 152.644 I would hop back on the train and ride it all the way from 152.657 to 152.918. This is how I see it going if it would happen that the bullish pressure will kick in! We might very well could be getting a rejection from the 152.544 and just sell the market down all the way to the premium level of 151.917 or the major support 151.600.
GJ is a very delicate pair right now to trade. So be very careful and cautious. Don't let this pair fool you right now! It has broken out of its very nasty range but it may very well go test the range - hence why the buys.
Thank you guys for listening and take care, I wish you a good trading day and upcoming weekend!
Let me know what do you think about the GJ?
Regards,
LoneFX
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