Weekly Analysis on Great Britain Pound / Japanese Yen: Week 5

FX:GBPJPY   Britisches Pfund / Japanischer Yen
DISCLAIMER: Hi everyone, this is just a log book for me on applying everything that I have learned and continue to learn as I go along. That being said, I do not advise you to base your trading on these "ideas".

So let's get back to it. I noticed that when I blog, write down my ideas and keep them simple, I am able to find small trading opportunities through out the week. This week I really want to trade and profit off of this pair. Let's go!

On the daily we see a very nice uptrend. I have a previous resistance area at 156.707 which is an area that was broken a few years ago before the GBP plumeted again.

On the 4hr we can look closely at the higher high that it made last week. Which was an area at the 156.000 area. But it collapsed, which is where I might look for a short opportunity. What do I think will happen? Maybe the price will drop to the ascending trendline .

Alright, so here we see some support and resistance areas breaking and that we can hope will be respected. 154.947 seems to be a resistance-turned-support area that was respected in the first hours of the week. But we have another resistance-turned-support area at the 152.811 price, it's support now because it was rejected. Now we have to see if the rejection is a swing or just a quick reversal before it keeps coming down. Could be a good opportunity for a sell.
Trade geschlossen: Ziel wurde erreicht: Ok so yesterday I took a medium sized short position that quickly hit my Take-Profit and reversed. Will it be a good area for another entry? We will have to see...
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