GBPJPY Forecast and Technical Analysis: Potential Triangle Pattern
Date: 01 September 2019
Fundamentals: Brexit Uncertainty & JPY Demand as Safe Haven
Weekly Chart: Strongly Bearish.
Daily Chart: Bearish but shifting bullish. Closing above 131.250 is near term trend change from bearish to neutral.
H4 Chart: Neutral shifting to bearish. H4 closing below 128.900 SMA100 is trend shift from neutral to bearish.
Hourly Chart: Bearish. The price is below all main MAs.
Intraday Key Levels:
Upside: 129.700 130.100 130.600
Downside: 128.900 128.200 127.800
Emerging Symmetrical Triangle Pattern H4 Chart
Emerging Bullish Butterfly Pattern H1 Chart
Our Comments: One of the most difficult instruments to trade. The nature of the pair is open to risks caused by volatility. We plan to sell/buy the breakout of the triangle pattern. Previous Bearish Butterfly pattern is still valid and Bearish pressure remains as long as it makes H4 closings below 131.250. The upside is capped by EMA50 Daily at 132.200.
Trade Opportunities: Short at 128.900 and buy the Bullish Butterfly on H1. Long at 129.600 and close at the Bearish Butterfly 1.27 extension.
Entry alerts with targets will be sent to members.
New patterns may appear and some emerging patterns may become invalidated. We publish our live charts D1 H4 H1 and M30 with updates and entry alerts. – Members Only –
Link to GBPY Live Charts: GBPJPY Live Charts
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DISCLAIMER: This is a technical analysis study, not advice or recommendation to invest money
GBPJPY Forecast: Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. Chartreaderpro does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility