GBPJPY - She has kept on going!! But (again) for how long?

Good evening ladies and gentlemen

I hope you all had a wonderful day in the markets.

This update is going up a little earlier than usual as I have an appointment to attend. So on our watch list for the week is the GBPJPY and yesterday we were left pondering how much further price would drop. We had a conservative fib breather and the VI standing in the way on the 4 hr chart. Price continued as we anticipated and even broke through the VI but then found support at a more aggressive fib breather level (which is also in close proximity to a R Line) before reversing and doing a long wicked doji. At the time of writing this price had made another surge south so we may see even further moves. Nice!!

So what does this all hold for the future? I can't tell you but as SM we can use our technical know how to anticipate best and act accordingly. At the moment MACD is starting to make higher lows but stochastics is now oversold but the signal lines have yet to tell us anything significant.

If you are a regular reader of our sister blogs you will also have seen an update by Jedi Master SJ on the same currency pair. The trendline was broken which would have provided healthy pofits for the semi-aggressive swing trader amongst us using wonderful the ESLT.




So once again the question has to be asked "What's going to happen next?" If these obstacles are broken, there is an open road to the next round number!!! I will, as always, leave it to you to do your own analysis. We will catch up with it all again tomorrow.

Alright Rich. Spot on man! The answer is indeed the letter M! I think the answer to your riddle is Transformers.

My riddle is "What is your best friend when trading?"

Till tomorrow

Abundance is Your Birth Right

Zaheer Anwari