GBPJPY Long
This week on the pound-yen we have a bullish bat . The USDJPY and GBPJPY have entered into a consolidating phase, both sitting at a level of support, with the GBPJPY itself is currently sitting at what can be argued as a pivot level to a previous 5-O formation. This is a key area worth watching!
Stepping away from the chart, we have the GBP GDP and JPY CPI releases on Thursday 24/08. Price will begin to move once a consensus/forecast has been agreed. This will be the deciding factor in making/breaking the trade. I will look to enter this pattern as early as Sunday night/Monday morning (UK time), unless forecasts are against the direction of this trade, for then I will be skeptical.
Nonetheless, this is a good opportunity to load up in long positions. Take profit level at 1:3.
Bat ratios
X:B - 38.2%-50%
A:C - 38.2%-88.6%
B:D - 1.618-2.618
X:D - 88.6%
Stepping away from the chart, we have the GBP GDP and JPY CPI releases on Thursday 24/08. Price will begin to move once a consensus/forecast has been agreed. This will be the deciding factor in making/breaking the trade. I will look to enter this pattern as early as Sunday night/Monday morning (UK time), unless forecasts are against the direction of this trade, for then I will be skeptical.
Nonetheless, this is a good opportunity to load up in long positions. Take profit level at 1:3.
Bat ratios
X:B - 38.2%-50%
A:C - 38.2%-88.6%
B:D - 1.618-2.618
X:D - 88.6%
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