GBP/JPY Pullback into heavy SELLOFF.

Published date: 05/02/2019
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Hello!

It has been a while since I looked at and posted my thoughts on the GBP/JPY pair so here we go!

Last weeks price action was jammed between a range measuring 260 PIPs and the Daily T.F shows clear signs of 'potential bearish momentum'. Price has had numerous attempts in reaching into the 144.00 area but was whipped back to the downside in a swift manner. 

142.50 is a vital area for GJ and we need to make a note that the market could bounce from this zone into my highlighted area labelled: 'New swing shoulder' to form a new lower swing high that could give us a better price entry for a short trade. 

Alternatively, Price may dump straight into the lower target of 140.75 without a pullback if sterling weakness accelerates over the next 24 hours. 140.00 Monthly support may also act as a magnet for the price as the pair follows simple lower swing highs, into lows on the H4 TF. It is relatively straight forward as I see no need to have a bullish bias right now unless we see a drastic move up and beyond 145.00.

@ShaunLeeOfficial


Comments

  • GBP/JPY Pullback into heavy SELLOFF.
    SHELDON says:
    07/02/2019

    Entered this Sell off, and the market melted all the way down..... guess who didn't set take profit. Market took the piss (you as your brits would say) lol and came back up to my entry. Lesson learned, smh!

  • GBP/JPY Pullback into heavy SELLOFF.
    Slowgainz says:
    07/02/2019

    @forextruementor This is why you should focus more on the charts. “It is wron” but it’s falling out the sky. Lol guy thought he knew how “Smart” money works

  • GBP/JPY Pullback into heavy SELLOFF.
    fearjaloathing says:
    07/02/2019

    nice m15 rejection off support turned resistance this case has just been strengthened

  • GBP/JPY Pullback into heavy SELLOFF.
    Gabriela Salvadori says:
    07/02/2019

    Great explanation!! I am waiting for the price break the 142.100 support to jump in that trade. Thank you!!

  • GBP/JPY Pullback into heavy SELLOFF.
    Forex_truementor says:
    06/02/2019

    This analysis is all wrong! Anyone reading this should await to see what happens. GJ is infact very bullish and the last leg down was a mere pullback to let other buyers in again. Retail traders will be looking for shorts, banks will be pushing this long. If you can't tell this from the chart above in no way should you be a mentor! All above is, is reading what has already happened on a chart, which anyone can do. Weird.

  • GBP/JPY Pullback into heavy SELLOFF.
    flamur sylejmani says:
    05/02/2019

    i want to learn trading

  • GBP/JPY Pullback into heavy SELLOFF.
    Kamran says:
    05/02/2019

    The dump before the pump. Teresa May looking to get a deal done which will never happen for several reasons so I can see this pair going all the way down to 140.500 150 PIPS 💪🏼

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