GBPJPY has been longing for a rise & break over Key Weekly Level 140.30 & 142.70. A rise towards those levels are supported by a few confluences.
Firstly, we've been in a Daily uptrend since the start of November. (Green Channel/White Median/Left)
I've identified a possible Cup & Handle Formation from the 4HR, I'm currently waiting for a closure completion over the handle of the cup. (Yellow Cup)
Alongside the cup & handle is a test of an intraday zone. Price has wicked out from the upside, which means that price may fall gain before a big rise.
Definitely gotta protect the bag, so I don't plan on entering until I have a solid confirmation.
I can foresee a pull back towards psych level 139.25. If price manages to fall into that level, be prepared for a bounce that could support a reversal.
If price doesn't pullback, expect a solid entry confirmation from close above intraday zone. (Rectangle Box/Top)
My overall target is 142.70, with minor tp levels at 140.30, 140.60, and 141.75. It's unlikely that GJ will meet the overall target this week, but a drive towards those minor levels are highly probable.
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Firstly, we've been in a Daily uptrend since the start of November. (Green Channel/White Median/Left)
I've identified a possible Cup & Handle Formation from the 4HR, I'm currently waiting for a closure completion over the handle of the cup. (Yellow Cup)
Alongside the cup & handle is a test of an intraday zone. Price has wicked out from the upside, which means that price may fall gain before a big rise.
Definitely gotta protect the bag, so I don't plan on entering until I have a solid confirmation.
I can foresee a pull back towards psych level 139.25. If price manages to fall into that level, be prepared for a bounce that could support a reversal.
If price doesn't pullback, expect a solid entry confirmation from close above intraday zone. (Rectangle Box/Top)
My overall target is 142.70, with minor tp levels at 140.30, 140.60, and 141.75. It's unlikely that GJ will meet the overall target this week, but a drive towards those minor levels are highly probable.
Comment your bias of GJ below...
LIKE THIS POST IF I SHOULD POST MORE CHART UPS LIKE THIS
Thanks For All Support In Advance! It's Appreciated!!