GBPJPY Outlook
#GBPJPY
On the weekly, price formed a strong channel and it’s being respected on all lower time frames. Price has pushed downward after reacting to a rejection of a daily zone which also line up to the recent down trend. Drawing a trend line downward from the recent Higher lows we could see a push upside for a retest of the trend line again. Which is another +65 higher, I’m looking for the rejection to the downside from the trend line and a 1H s/r level.
A channel within a channel on (the weekly channel and the 1H channel)
My entry would follow a retest of the area 142.385-142.559 after seen wick rejection
(Short-term)
(BUY)
TP1:142.656
TP2: 142.795
TP3: 143.018
The rejection of the downward trend which lines up with the TP3 143.018 for the buy setup. I’d look to enter here at the ceiling of the 1H channel.
(Longer term)
(SELL)
TP1:142.546
TP2: 142.327
TP3: 142.136
TP4: 141.736
TP5:141.329
Afterward this would just be a hold until the channel floor.
Major news for GBP pairs this week
Tue
Feb 19 4:30am GBP Average Earnings Index 3m/y 3.5% 3.4%
GBP Unemployment Rate
On the weekly, price formed a strong channel and it’s being respected on all lower time frames. Price has pushed downward after reacting to a rejection of a daily zone which also line up to the recent down trend. Drawing a trend line downward from the recent Higher lows we could see a push upside for a retest of the trend line again. Which is another +65 higher, I’m looking for the rejection to the downside from the trend line and a 1H s/r level.
A channel within a channel on (the weekly channel and the 1H channel)
My entry would follow a retest of the area 142.385-142.559 after seen wick rejection
(Short-term)
(BUY)
TP1:142.656
TP2: 142.795
TP3: 143.018
The rejection of the downward trend which lines up with the TP3 143.018 for the buy setup. I’d look to enter here at the ceiling of the 1H channel.
(Longer term)
(SELL)
TP1:142.546
TP2: 142.327
TP3: 142.136
TP4: 141.736
TP5:141.329
Afterward this would just be a hold until the channel floor.
Major news for GBP pairs this week
Tue
Feb 19 4:30am GBP Average Earnings Index 3m/y 3.5% 3.4%
GBP Unemployment Rate
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