Dragon Riders GBP/JPY

#GBPJPY / H4 / Bullish & Bearish Idea

Bearish Flag just popped.. All aboarrrrrrrrrrrd

I'll join you!

short TP 143.15

Hmm..

- Your butterfly pattern succeeded today, yet I remain short.

- Next 143.00 then 142.66

- Still holding 3 shorts at B.E

+ Edit:- added fourth short. If Trump shut it, we can see the long term awaited short target 140.60

My thoughts on this pair? Most short term traders are shorting GBPJPY and the contracts are worth a fortune. The 1HR chart is screaming SELL!! at the moment,same as the 4HR chart. Market makers are happy, everyone is buying the idea of a bearish market tomorrow but not me! I'm looking out for a W formation towards the middle or close of London tomorrow. This will be the beginning of a bullish move that will wipe off all sellers when they least expected it. Will GBPJPY buy heavy during the remaining part of the week? Let us see.

#GBPJPY / Weekly

Voila

I will keep my buy positions, on the level below, relying on the support below to continue the trend on H1 Chart.

Here's a top-down technical perspective on GBPJPY.

On the weekly time frame, the 149.270/144.370 zone (bound by purple horizontal lines) is a significant horizontal resistance. Six weeks ago, bears effected a southward drive from the area and there has been a bearish follow-through that exposed the 123.260 multi-year horizontal support area. Two weeks ago, bulls effected a northward push but there was no follow-up last week, when a small doii-like inside candlestick was printed. Technically, bears are favoured to regain market influence this week.

The order flow context on the daily time frame generally favours bears. However, bulls have taken price action for a northward retracement and presently in consolidation. Besides, there are a few resistance areas close to the present location of price action. For example, the immediate horizontal resistance is around 134.560/135.650 (bound by magenta horizontal lines), which is about 100 pips above the present location of price action. Technically, we can expect bears to effect a southward continuation even if there is a brief northward move in the early part of this week.

Price action has broken down a bearish flag (black) on the H4 time frame. It is now operating within a falling channel (red), a breakdown of which will likely give impetus to a bearish drive.


I may be wrong. Trade safe and prosper.

KP

Attached Image (click to enlarge)

Attached Image (click to enlarge)

Attached Image (click to enlarge)

Seems stable at 133 and ready for 134 and 135

#GBPJPY / H4

Kuroda said though he will add more stimulus if necessary. If he does it will limit the downside. Gonna be hard to get back to that Corona Crash level because there is so much liquidity injected into the markets now. That level was also violently sped toward because markets hate uncertainty. so much is known now. Everyone knows the economies of the world and future earnings of equities are screwed.

Hi Traders

My view on Geppy, heading south to complete final leg of the correction before a massive bull rally.

My geppy setup for my trades in coming days/weeks.

Good luck to all.

Yeah the NFP June 5 will be another catalyst for lower I think.

#GBPJPY / H4

#GBPJPY / H4 & H1