Last 7 days in a very tight range. Breaking the 140 barrier will be a tell that this has some legs to go to 138 to 135 next. Trading GBP takes more patience, but I can see the case for being on the sidelines for a buy opportunity.
GBP/JPY Counter-Trend Long
Could GBP/JPY have printed a bottom? Well with some long wicked candles followed by some strong momentum buying off the previous swing low, this could very well be the case! While the trend line at the top of the daily chart shows the pair in a bearish trend, the fact that price didnít look back when GBP/JPY tested the broken channel resistance gives a sign that maybe the trend isnít the key factor here. A strong case could actually be made for a counter-trend trade, with momentum on the bullsí side. Not to mention the fact that price is also at the bottom of that previously drawn channel (use your imagination and compare ... (full story)
- Posted: Jan 11, 2017 6:45pm
- Submitted by:Category: Technical AnalysisComments: 3 / Views: 1,012