9 Dec 2014
GBPJPY: Looking to buy off support - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies Forex, is looking to buy GBP/JPY off support, with targets the yearly highs, then 191 and 193.
Key Quotes
"After profiting heavily from our buy trade setup last week on this pair, the GBPJPY has been in a corrective price action pullback today. Earlier today, the pair formed two intra-day pin bar setups on the 1hr chart in a support zone between 188.30/60."
"I'm still bullish on this pair, so will look for more PA around this current support zone to potentially get long. If it folds, then I'll look to the second support and buy zone, which is around 187 to 187.45."
"Upside targets are the yearly highs, then 191 and 193. Only a daily close below 187 dampens this bullish outlook."
Key Quotes
"After profiting heavily from our buy trade setup last week on this pair, the GBPJPY has been in a corrective price action pullback today. Earlier today, the pair formed two intra-day pin bar setups on the 1hr chart in a support zone between 188.30/60."
"I'm still bullish on this pair, so will look for more PA around this current support zone to potentially get long. If it folds, then I'll look to the second support and buy zone, which is around 187 to 187.45."
"Upside targets are the yearly highs, then 191 and 193. Only a daily close below 187 dampens this bullish outlook."