Hi FX fellas! Here’s an update on my latest GBPJPY short. [Read more…] about Scored Some On The GBPJPY
Hello FX friends! It’s been a while since my last forex trade. But don’t worry since I already have a [Read more…] about Opportunity To Short The British Pound Against The Japanese Yen
Hello forex friends! What I have here is the daily chart of the British Pound versus the Japanese Yen (GBP/JPY) or Geppy as its nickname). In my technical analysis, this currency pair is leaning towards the bearish side as it has been declining in a downward channel for a certain time now. Furthermore, there is a descending triangle formation setting up inside the channel and could be bound for a breakdown soon. If the Geppy breaks below the support of the said triangle, the pair could duck dive and tap my conservative target price of 120.00. If it further drops below 120.00, the next marker could be the downward channel’s support. On the bullish note, if the descending triangle seen on the Pound versus the Yen fails to breakdown but instead breaks out on the upside, it could rise and hit my target price of 140.00. This however is less likely to happen as the pattern is coming from a downtrend and descending triangles are naturally bearish. In any case 140.00 gets cleared out, the next resistance could be 145.00.