GBPJPY is currently on the trendline beginning from 126.73 lowest point for the year so far. If the trendline is broken there is a support around 131.2x. If the trend line and support hold, there is the likelyhood of a reveral to around 136.00.
A break of the lower trendline and 131.2x support will likely precipitate a fall to around 126.xx to complete the 2nd leg of the fall from 145.95. A break of the upper trendline and the strong resistance at 136.16 will clearly indicate a continuation of the upward trend from 126.77.
The upper trendline from 145.95 and the lower trend line from 126.73 indicate that the currency is tranding within a tight range between 136.00 and 131.00. A break out of the tight range in either side is the area to watch for any long term trade, while a bounce of either support/resistance is a good point for either long or short trade. However the area to watch out for Monday is 131.00. Will it hold or will it not? That is the question that the market will answer next week.
The pending order above has been waiting there almost two months. If the price decides to visit the region, I'll be waiting. Another peep into the mindset of a mechanical trader.
A break of the lower trendline and 131.2x support will likely precipitate a fall to around 126.xx to complete the 2nd leg of the fall from 145.95. A break of the upper trendline and the strong resistance at 136.16 will clearly indicate a continuation of the upward trend from 126.77.
The upper trendline from 145.95 and the lower trend line from 126.73 indicate that the currency is tranding within a tight range between 136.00 and 131.00. A break out of the tight range in either side is the area to watch for any long term trade, while a bounce of either support/resistance is a good point for either long or short trade. However the area to watch out for Monday is 131.00. Will it hold or will it not? That is the question that the market will answer next week.
The pending order above has been waiting there almost two months. If the price decides to visit the region, I'll be waiting. Another peep into the mindset of a mechanical trader.
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