GBPJPY is proceeding with downtrend and as long as the H5 holds (189.00) 177.40 is the target. Looking at the chart we can see that the move is already happening and the target is L5. Meanwhile H4 chart is showing a zig zag downtrend and the first support is 181.60 with next support zone at 180.35-00. Have in mind that we are looking at mid term setup, so for all who are holding shorts from 187.xx zone, it is a good sign as the price is behaving technically valid. POC for next pullback comes at 184.10-30 (DPP, previous 5-touch bottom,38.2) and X-cross and H3 are giving the price a strong resistance at 184.90. So mid-term shorts are in profit while short-term traders could find now moment sellers at POC with 180.35-00 initial target. Any H4 close or momentum break below 188.00 will target 177.40, so the valid breakout trading should include either Breakout-Retest setup or valid BPC pattern (Breakout-Pullback-Continuation) on H1 timeframe.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
Recommended Content
Editors’ Picks
EUR/USD declines below 1.0700 as USD recovery continues
EUR/USD lost its traction and declined below 1.0700 after spending the first half of the day in a tight channel. The US Dollar extends its recovery following the strong Unit Labor Costs data and weighs on the pair ahead of Friday's jobs report.
GBP/USD struggles to hold above 1.2500
GBP/USD turned south and dropped below 1.2500 in the American session on Thursday. The US Dollar continues to push higher following the Fed-inspired decline on Wednesday and doesn't allow the pair to regain its traction.
Gold stuck around $2,300 as market players lack directional conviction
Gold extended its daily slide and dropped below $2,290 in the second half of the day on Thursday. The benchmark 10-year US Treasury bond yield erased its daily losses after US data, causing XAU/USD to stretch lower ahead of Friday's US jobs data.
Top 3 Price Prediction BTC, ETH, XRP: Altcoins to pump once BTC bottoms out, slow grind up for now
Bitcoin reclaiming above $59,200 would hint that BTC has already bottomed out, setting the tone for a run north. Ethereum holding above $2,900 keeps a bullish reversal pattern viable despite falling momentum. Ripple coils up for a move north as XRP bulls defend $0.5000.
Happy Apple day
Apple is due to report Q1 results today after the bell. Expectations are soft given that Apple’s Chinese business got a major hit in Q1 as competitors increased their market share against the giant Apple.