It looks very bullish. If the price makes a bearish correction, the buyers may wait for a bullish reversal pattern to go long in the pair. The level of 154.500 seems to be an area, where the price may produce a bullish reversal upon finding its support. Thanks for sharing the chart.
S
Smith2525
Looks like the little pullback might have just missed your entry zone... Almost spot on though! Price is currently half way up the green zone
Good morning all, GJ has been great to us on the last few trades we have taken from it. Buying each time we fall back to demand has served us well. With the last position peaking at 850 pips, I closed the remainder of my positions at 758 pips when we got the doji daily candle, low and behold price still continued to rise. But nothing to complain about here. So what's next, we it looks clear the bull is here to stay and I think we are just getting a pullback in price. So I will be looking to buy if price gets back to the demand area shown on the chart, with a confluence of the moving average for support it should be a nice area to buy in again. mark up your charts and keep watching for price action in that area. GLIYF
i am looking at the 152 area for it to fall before getting back in on the long position still more liquidity to take lower and it will not be left behind. that beeing said the yen has fallen hard and dont see it recovering very fast thanks nice set up for sure
Good afternoon all, markets open again tonight so thought I would look at my favorite pair GJ again. End of last week news made GBP very weak, as such we saw price drop right through the demand zone and not providing any trading opportunity for us. It look's to be coming right down to the bottom side of the big bullish channel we are trading inside. It could co inside with re test of the break of the previous small downtrend in the channel for a move back to the upside. Keep watching for support to form around the trend line area before entering. As it may also be possible for price to break and visit the stronger demand zone below. Hope everyone has a good week ahead. GLIYF
colinlewis
Newbie
- Messages
- 8
- Likes
- 3
took some bad trades on GJ back in Fedb and havent traded it since. I was shorting the "top" at 147.5 :/
Not been back since but I think it may return to that price in the new year.
Not been back since but I think it may return to that price in the new year.
The trendline looks to be a strong one. The price has been heading towards it with good bearish momentum though. I recommend that it would be a safer option to go long if the pair produces a Double Bottom at the trendline's support. Thanks for sharing the chart.
Farm Yard Forex
Well-known member
- Messages
- 395
- Likes
- 135
Spike on Friday was an odd one but generally looks ready for a bullish impulse again.
The pair found its support around 152.500 area. It had a rejection at this level twice. Thus, the buyers may consider a neckline breakout if the price breaches the level of 154.700. It seems that the Bull may dominate in the pair if that breakout happens. Let us wait and watch what happens here.
Good afternoon all, hard to believe its been a couple of trading weeks since I have updated on GJ. But there hasn't been too much happening. Since the last post it looked to of formed a little demand area, but price respected the down trend and friday we saw price tank right through demand to where it currently sits. But to my delight we are close to the big demand zone that has provided us with lots of pips previously. We also have added confluence with the trend line so look to buy from there also. So this could be a nice buy area for us to get a nice trade in. Look for support to form in price over the next couple of days then we could get a nice buy back up to supply. GLIYF
Good afternoon all, back on GJ again today as I entered a buy position on yesterdays daily candle close. It formed a nice 50% candle right on my favored demand zone . This is a risky trade as bias is bearish recently on this pair. Also price has broker out of the long standing weekly bullish channel we have been trading in. But I am hoping its a fake breakout and this demand zone will once again provide us with some pips. If not then I will look for the break below for further downwards movement as indicated. Hope you saw the same and followed. GLIYF
Good morning all, checking back in on GBPJPY today. Last time out I posted i bought from this demand zone . Purely from the fact what has happened to us from the left and previous positions. After placing a buy position we had a bearish day and we tested the demand zone again, dipping even further down past my entry zone, which I had to extend my stop loss. Normally I wouldn't do this but I am confident with how strong this demand zone is, so wasn't a problem to do so. Price since has proved to be what i expected and we have seen a bullish response, if todays candle also provides to be bullish we should be well on our way to TP1. We have to beware of price stalling at the trend line . Would like to see price trading back in the channel above to be more confident in the bull. Currently 120+ pips in profit. After todays candle I will move SL into profits to secure some pips. Hope you followed along GLIYF
Similar threads
