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GBP/JPY within a bullish weekly channel

Gbp/Jpy is clearly within a bullish channel if we look at the weekly chart;
the RSI is about neutral and the price is moving down to test the lower border:
Gbp/Jpy Weekly Chart
On the daily chart we can see the lower RSI indicating the move down
If we draw a fibonacci expansion level from our presumed bounce off the lower border
of the weekly trendline, or lower channel border,
the 61.8% fibonacci expansion target of that move lies above 1.77
Gbp/Jpy Daily Chart
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AdamFx42 19 Oct.

Lower border of weekly channel has been tested as I predicted,
price has pierced the level, but bounced hard - need continuation up now

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AdamFx42 30 Oct.

move back up is underway

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AdamFx42 10 Nov.

Move up to 1.84+ has extended my prediction hugely, but support area around 1.77;
predicted target for the end of the month is still possible
and would be my bet for the next move of this pair

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Getting back up again - and hopefully again

Well, I am still alive
I managed to buy around 3 milj. Gbp/Jpy at around the lows yesterday with my remaining 50K
and I just closed the position with a 170 pip gain,
I tried entering long Gbp/Nzd during the data release UK just now,
but it wouldn't move up, so I closed both my positions and now have 93K to play with
I noticed that Nzd/Usd is holding support around 82.5,
and NZ has some data releases later on that could be good,
so I will be going long Nzd
I also noticed a decent bounce off 0.925…
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Just don't give up, you can never give up!

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GBP/JPY supported by bullish flag pattern

Gbp/Jpy is moving in a bullish flag pattern at the moment,
the breakout of this pattern should be in the upward direction
On the weekly chart we can see the bullish flag pattern,
with the pair currently at the lower border of the trendline:
Gbp/Jpy weekly chart
On the daily chart, if we calculate the fibonacci expansion target of 61.8% of the last move,
we can find a target of around 174,
and I think the lower border of the trendline of the flag pattern has prevented the price to move lower;
eve…
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AdamFx42 2 Sep.

We have moved close to target already - Usd strength has brought us here, as Gbp is still weak

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AdamFx42 6 Sep.

Bullish flag pattern - weekly, still valid testing lower border now - move up should come

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AdamFx42 11 Sep.

There was the move up - just below 174 now - just 5 pips from my target,
another wild ride

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AdamFx42 16 Sep.

Price is holding around target for now

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GBP/JPY retracing but move up seems to be next

I believe that Gbp/Jpy will be moving back up soon as retracement level that is nearby is strong
On weekly chart we see a strong bounce from 23.6% Fibonacci levels from latest moves up,
this level also contains a 61.8% Fibonacci Expansion level from the latest move down
that I have drawn on the Daily chart
On the weekly chart you can see the trendlines that are holding price action up and that could act as support
for any real retracement that follows the top Gbp/Jpy has put in place now
The ste…
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AdamFx42 1 Feb.

retracement down has also been completed - 166 area should hold as support, it is up from there

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AdamFx42 13 Feb.

It still looks about right to me - looking for 172-173 area this week

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AdamFx42 20 Feb.

retracement down to 169 now, need USD/Jpy strength to bring it up

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GBP/JPY hitting large monthly Fibonacci retracement level

Gbp/Jpy has just hit the 38.2% Fibonacci retracement level on the monthly chart from the move down that started in 2008
Because this is the first attempt to break this level I expect a large retracement down/bounce first
Let's look at the monthly chart:
Here you can see that the current price sits exactly on the resistance line of 38.2% Fibonacci Retracement
There is another interesting thing about this picture if we zoom in on current price:
This is a classic evening star candle pattern - a bea…
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GBP/JPY heading for 1.60

As we haven't seen the last of Japanese Yen weakness fundamentally -- technical analysis on Gbp/Jpy supports this best of allOn the weekly timeframe we see support line of the move up of the last few months which will keep it above the 1.50 levelFibonacci expansion of the latest move shows us a target of 1.5450 roughly, where the pair should find resistence for a while,on the daily timeframe this is supported by a bullish channel pointing in the same directionAs stoiachistic, and osma indicators…
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AdamFx42 19 Apr.

oeps, forgot to mention that first resistence at 1.5450 should come from from the 61.8 expansion (see chart), and that target of analysis is the 100% expansion, sry bout that

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AdamFx42 19 May

line up still holding, but expect pullback this week

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AdamFx42 21 May

Eur and usd seem to be continuing strength against yen - if Gbp can stay above support and go up again this week I expect my target to get hit :-)

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AdamFx42 24 May

Retracement this week, but bullish channel is still valid if it returns soon -- expect 1.57 and higher next week if Gbp/Usd strengthens

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AdamFx42 30 May

as usd bulls fail, I expect to be around 1.54 at close now

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