GBP/JPY To 147.50 then decline?

Published date: 05/06/2018
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GBP/JPY edging higher to a major zone: 147.50, continuously respecting H4 key levels with the most recent higher low point: 145.80 being the most significant. 

The highlighted region (Green) is a major area for a potential sell-off, a huge one at that. Yesterday's daily closure (Monday) proved to be relatively weak, however, the momentum remains above the moving averages so it is advised to sit on the hands until the price on the H4 timeframe shows a sign of reversal or a break of 147.50.

Sterling is at a huge decision point across the board with today's fundamental announcement pushing the price higher (GBP/USD + GBP/JPY). Both pairs stall around daily resistance levels with a huge potential for a downfall over the next few days. I advise traders to monitor the H4 timeframe alongside the Daily for the highest probability trade setup from the given levels. 


Comments

  • GBP/JPY To 147.50 then decline?
    Daniel S says:
    06/06/2018

    James W you and I are looking at the exact same picture. Will be waiting for some reversal price action at that level and a counter trendline break to short this pair.

  • GBP/JPY To 147.50 then decline?
    Omphile says:
    05/06/2018

    Fully agree a big sell off on the cards at that critical level.ironacally it will be a retest of the broken long term uptrend on the weekly timeframe.believe sellers will jump back on hard there.

  • GBP/JPY To 147.50 then decline?
    Mark Syakir says:
    05/06/2018

    Would you suggest buy position untill the price reach that level?

  • GBP/JPY To 147.50 then decline?
    James W says:
    05/06/2018

    Looking at the daily timeframe there is a well respected descending Trendline where a potential test and rejection could occur around 147.200 This was also a prior minor resistance price if you look left on the 1H & 4H charts. A rejection from here will be where i take sells..... or.... if it does go to 147.500 then i would want a strong rejection with EMA crossover and close below 147.200 to enter for the continuation.

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