GBPJPY Week Ahead
GJ is on an uptrend on the weekly time frame within an ascending channel
On the daily timeframe - GJ is pulling back from highs and is trending down
3 Trades Ideas for GBPJPY
1. Bullish bias - If price rejects the previous resistance level @ 152.30 and past 153.30 (previous highs) then we would see a break of the downtrend structure and expect price to continue up
2. Bullish bias - If price continues down to the bottom of the ascending trend line and rejects then again we would see a break of structure (BOS) above 153.80 towards 155.30 (50% fib) or 156 (618% fib)
3. Bearish bias - If price breaks below 152.40 - 152.30 then we could see a continued downtrend especially if we see closures below. Then targets would be next support @ 151.35 then 149.95
News this week
UK jobs numbers on Tuesday @ 7am GMT - gains in employment will be bullish for the Pound
UK Inflation data on Wed morning 7am GMT - BoE upper limits are 3% for inflation, Forecasts are 3.9% which could further fuel bets of a rate hike which would be bullish for the Pound
On the daily timeframe - GJ is pulling back from highs and is trending down
3 Trades Ideas for GBPJPY
1. Bullish bias - If price rejects the previous resistance level @ 152.30 and past 153.30 (previous highs) then we would see a break of the downtrend structure and expect price to continue up
2. Bullish bias - If price continues down to the bottom of the ascending trend line and rejects then again we would see a break of structure (BOS) above 153.80 towards 155.30 (50% fib) or 156 (618% fib)
3. Bearish bias - If price breaks below 152.40 - 152.30 then we could see a continued downtrend especially if we see closures below. Then targets would be next support @ 151.35 then 149.95
News this week
UK jobs numbers on Tuesday @ 7am GMT - gains in employment will be bullish for the Pound
UK Inflation data on Wed morning 7am GMT - BoE upper limits are 3% for inflation, Forecasts are 3.9% which could further fuel bets of a rate hike which would be bullish for the Pound
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