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Forex Forum to Share, Discuss, Communicate and Trade Forex • GBP/JPY trading journal
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Re: GBP/JPY trading journal

PostPosted: Mon Sep 21, 2015 1:23 pm
by pipabode
Weekly outlook of GBP/JPY for September 21, 2015
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Overview

A rebound of GBP/JPY last week was limited by the 187.36 resistance so far, and there is no clear sign of strength yet. Nevertheless, development in other crosses suggests some yen weakness ahead. Initial bias in GBP/JPY is neutral this week. A firm break of the 187.36 resistance will argue that a fall from 195.86 has completed. More importantly, this will be a signal that a larger uptrend is resuming. Meanwhile, below 183.87, minor support will turn focus back to 180.36 instead. The break of the medium-term trendline support is taken as a sign of trend reversal. This is supported by bearish divergence condition in the weekly MACD. Besides, GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. A break of 174.86 will confirm trend reversal and bring deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67. In case of another rise, we will be cautious of strong resistance from 199.80/200.00 to bring reversal finally.

Re: GBP/JPY trading journal

PostPosted: Mon Sep 21, 2015 5:42 pm
by Kikizyak
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With 184.22 minor support intact, further rise is still in favor in GBP/JPY. The corrective pattern from 195.86 might have completed at 180.367 already. Further rise could be seen back to retest this high. However, below 184.22 minor support will turn focus back to 180.36 low instead.

Re: GBP/JPY trading journal

PostPosted: Tue Sep 22, 2015 2:51 pm
by Kikizyak
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GBP/JPY was close to key cluster resistance of 61.8% retracement of 251.09 to 116.83 at 199.80, which is close to 200 psychological level. Break of 174.86 will confirm trend reversal and bring deeper fall to 38.2% retracement of 116.83 to 195.86 at 165.67.

Re: GBP/JPY trading journal

PostPosted: Thu Nov 19, 2015 5:41 pm
by Kikizyak
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The strong rise in GBP/JPY and break of 188.28 resistance invalidated our bearish view. Rebound from 180.36 is resuming and intraday bias is back on the upside. Further rally would be seen back towards 195.86 resistance. In case of retreat, we'll stay cautiously bullish as long as 185.98 support holds.

Re: GBP/JPY trading journal

PostPosted: Fri Nov 20, 2015 5:16 pm
by Kikizyak
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Intraday bias in GBP/JPY remains on the upside for the moment. Rebound from 180.36 is resuming and rally could be seen back towards 195.86 resistance. In case of retreat, we'll stay cautiously bullish as long as 185.98 support holds.

Re: GBP/JPY trading journal

PostPosted: Tue Nov 24, 2015 7:28 pm
by Kikizyak
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The break of 185/98 support argues that the consolidation pattern from 180.36 has completed at 188.79. Intraday bias is turned back to the downside for a test on 180.36/64 support zone. For the moment, outlook will stay bearish as long as 188.79 resistance holds even in case of recovery.

Re: GBP/JPY trading journal

PostPosted: Thu Nov 26, 2015 3:04 pm
by Kikizyak
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At this point, we're favoring the case that consolidation pattern from 180.36 has completed at 188.79. Deeper fall is expected for a test on 180.36/64 support zone. For the moment, outlook will stay bearish as long as 188.79 resistance holds even in case of recovery.

Re: GBP/JPY trading journal

PostPosted: Fri Dec 18, 2015 6:16 pm
by Kikizyak
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GBP/JPY's fall from 188.79 is still in progress and intraday bias remains on the downside. As noted before, consolidation pattern from 180.36 has completed at 188.79 and deeper decline should be seen back to 180.36/64 support zone. Nonetheless, break of 183.96 minor resistance would dampen our bearish view and turn focus back to 186.33 resistance.

Re: GBP/JPY trading journal

PostPosted: Mon Dec 21, 2015 5:08 pm
by Kikizyak
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GBP/JPY's fall from 188.79 is still in progress and intraday bias remains on the downside. As noted before, consolidation pattern from 180.36 has completed at 188.79. And more importantly, whole decline from 195.86 is possibly resuming.

Re: GBP/JPY trading journal

PostPosted: Tue Dec 22, 2015 12:53 pm
by Kikizyak
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Intraday bias stays on the downside for 174.86 key support level next. Break there will indicate larger trend reversal. On the upside, above 182.12 minor resistance will turn bias neutral and bring consolidations first.