The GBP.JPY is one pair on my watchlist into Monday / Tuesday.
There is a potential long opportunity on the breakout of a pennant formation looking to retest the 144.500 level.
Alternatively we can look short on the breakout looking for a retest of the 138.000 level.
Price respecting the Daily EMA, 141.00 psychological level and the Daily pennant formation.
I will be updating this post on the 1hr and 4hr TF if we can an entry.
There is a potential long opportunity on the breakout of a pennant formation looking to retest the 144.500 level.
Alternatively we can look short on the breakout looking for a retest of the 138.000 level.
Price respecting the Daily EMA, 141.00 psychological level and the Daily pennant formation.
I will be updating this post on the 1hr and 4hr TF if we can an entry.
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We have now seen a break below, we will now await a daily candle close.
As stated above no trade will be taken until Monday / Tuesday.
As stated above no trade will be taken until Monday / Tuesday.
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Harmonic outlook of this Daily GBP.JPY setup.
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In my opinion the pullback has started, i will be looking to short this evening / tomorrow.
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1hr Chart Outlook.
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Price now retested 138.00 as expected, this is now a pair i am watching into next week.
Firstly, it is unlikely we will see a break in either direction before next week.
If however we do see a break and close in either direction, we will see a lot of indecision prior to market close as many traders will be closing out their positions.
The indecision on the run up to the weekend is not something I am interested in trading, I will await market open next week and evaluate the lower TF's from there.