GBPJPY we salute you!

Good evening ladies and gentlmen

As we come to the end of another week of trading and to the end our coverage of the GBPJPY (but hopefully not the good weather we were having here in London but at the moment seems to be playing hide and seek), I hope it has been filled with consistency and profits.

So lets see how price looks like finishing up the week. On the 4 hour chart we can see that price has found some kind of comfort within the S and R zone around the VI. On the 1 hour chart we can see in clearer detail what is holding price back. The divergence, with the 123886 and the indecision candles caused a reversal in price but has seen been ranging with in the zone.



The question is what will happen next. Of course we don't know but we can look at what we have to put the edge in our favour. On the daily the long term trend is up and we know the saying the trend is your friend. However after the confluences that created the reversal on this time frame, price has struggled to get back in the direction of the major trend. Would you then say that the immediate trend is now down? What are the other indicators saying? From a swing trade point of view our position should in stance mode. The market has not yet met my criteria to open a position as yet! This currency pair is always on my watch list. I am sure they will be revisited in the near future!

As always do your own analysis.

I bid you all a wonderful weekend. I will leave you with this thought "God's delays are not god's denials!"

Abundance is your Birth Right

Zaheer Anwari