GBP/JPY Technical Analysis

[Jebatfx]

Salam,

Since nobody open this thread, so I decided to start this thread so everybody can share their knowledge and forecast about this cross pair.

Gbp vs Jpy 1H Monday Pre-Market Overview



There are 2 wave count possibility for next week market. Is either Bullish Reversal or Bearish Continuation. After some consideration from my technical analysis, I still prefer for Bullish Reversal because :-
1) Upper Trendline already been taken (breakout).
2) Strong support at 210.18 (false breakout)
3) Some sort of "Head & Shoulder" pattern can be seen (in blue rectangle)
4) BSTS signal more bias towards Bullish trend.
5) Confirmation upon major upper trendline breakout later (still has not been taken yet)
But there is also a strong potential for Bearish Continuation trend. So watch closely those critical line before making any decission. Just make sure before making any entry, there is a strong signal from BSTS for that particular trend. Good lucks and may Allah swt bless we all.

[Jebatfx]

Market preferable in Bullish bias as long the price moving upwards following inside the bullish trendline channel. But just be carefull for reversal bearish trend since there is also a possibility that the price is making a "Double Top". Watch closely the thick yellow support trendline before making any entry. Preferable Bullish Continuation.

[Jebatfx]

At the moment there are 2 possibility which is either Bullish Continiuation or Bearish Reversal. For the Bearish Reversal idea I presumed the price will go down to perform wave a and then go up to complete wave b before going downwards again in making wave c. The establish of "Head & Shoulder" pattern and the resistance of the unbreakable short critical point later will boilster this idea. Otherwise we might see a Bullish Continuation to complete wave c (white colour).

[Jebatfx]

Price has made a little breakout but maybe its just a False Breakout. I still prefer for Bearish Reversal idea and looking for a "Double Top" and "Head & Shoulder" to be perform later. A lower trend breakout will boilster this point of view. Otherwise we shall see Bullish Continuation trend. Tips : wait for a good BSTS signal before making a short entry.

[ramfir]

BSTS signal apa?

[Jebatfx]

Originally Posted by ramfir

BSTS signal apa?

BSTS stands for "Bujang Senang Trading System" which is a forex trading system that I develop to assist me with a signal before making any entry.



I'm looking for a big "Double Top" (blue rectangle) to be establish later. I'm still prefer for Bearish Reversal trend to be happen later. Watch closely the short critical line. As long the short critical line has not been taken, Bearish Reversal speculation would still be valid. A strong breakout to the lower trendline will boilster this point of view. Otherwise we shall see a Bullish Continuation later. Preferable - Bearish Reversal.

[ramfir]

laa, ingatkan signal apa...

apa kemungkinan percentage bearish trend kepada bullish?

[Jebatfx]

Originally Posted by ramfir

laa, ingatkan signal apa...

apa kemungkinan percentage bearish trend kepada bullish?

please welcome to my blog if you seek for further information

[Jebatfx]

Market already show a very strong Bearish Reversal. I believed the price in the process of making wave c downtrend and a "Double Top" can be considered to be establised but how far it will go, we still need to wait and see any signal from BSTS later. A breakout to the lowest trendline would boilster this bearish reversal speculation. Preferable Bearish Reversal.

[Jebatfx]

The price already reached my TP at the moment. Either there will be a Bearish Continuation or a bullish retrace to fibo 50%, we need to wait and see. From my point of view, I believed the price should retrace back to maybe fibo 50% to perform a "Head & Shoulder" pattern before another Bearish Continuation to complete wave c. Or there are a Bearish Continuation until FE 100% before the price start to retrace back. Its a very high risk if you make a long entry at the moment. Watch the lowest trendline and the DT bearish channel trendline. As long as the price going down following the Bearish Channel Trendline, the Bearish Reversal speculation would still be valid. Wait for a good signal from BSTS before making any entry.