GBP/JPY Technical Analysis - Forex

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

Gbp vs Jpy 1H Monday Pre-Market Overview

There are 2 wave count possibility for next week market. Is either Bullish Reversal or Bearish Continuation. After some consideration from my technical analysis, I still prefer for Bullish Reversal because :-

1) Upper Trendline already been taken (breakout).
2) Strong support at 210.18 (false breakout)
3) Some sort of inverted "Head & Shoulder" pattern can be seen (in blue rectangle)
4) BSTS signal more bias towards Bullish trend.
5) Confirmation upon major upper trendline breakout later (still has not been taken yet)

But there is also a strong potential for Bearish Continuation trend. So watch closely those critical line before making any decission. Just make sure before making any entry, there is a strong signal from BSTS for that particular trend. Good lucks.

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Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

Market preferable in Bullish bias as long the price moving upwards following inside the bullish trendline channel. But just be carefull for reversal bearish trend since there is also a possibility that the price is making a "Double Top". Watch closely the thick yellow support trendline before making any entry. Preferable Bullish Continuation.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

At the moment there are 2 possibility which is either Bullish Continiuation or Bearish Reversal. For the Bearish Reversal idea I presumed the price will go down to perform wave a and then go up to complete wave b before going downwards again in making wave c. The establish of "Head & Shoulder" pattern and the resistance of the unbreakable short critical point later will boilster this idea. Otherwise we might see a Bullish Continuation to complete wave c (white colour).

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

Price has made a little breakout but maybe its just a False Breakout. I still prefer for Bearish Reversal idea and looking for a "Double Top" and "Head & Shoulder" to be perform later. A lower trend breakout will boilster this point of view. Otherwise we shall see Bullish Continuation trend. Tips : wait for a good BSTS signal before making a short entry.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

I'm looking for a big "Double Top" (blue rectangle) to be establish later. I'm still prefer for Bearish Reversal trend to be happen later. Watch closely the short critical line. As long the short critical line has not been taken, Bearish Reversal speculation would still be valid. A strong breakout to the lower trendline will boilster this point of view. Otherwise we shall see a Bullish Continuation later. Preferable - Bearish Reversal.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

Market already show a very strong Bearish Reversal. I believed the price in the process of making wave c downtrend and a "Double Top" can be considered to be establised but how far it will go, we still need to wait and see any signal from BSTS later. A breakout to the lowest trendline would boilster this bearish reversal speculation. Preferable Bearish Reversal.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

The price already reached my TP at the moment. Either there will be a Bearish Continuation or a bullish retrace to fibo 50%, we need to wait and see. From my point of view, I believed the price should retrace back to maybe fibo 50% to perform a "Head & Shoulder" pattern before another Bearish Continuation to complete wave c. Or there are a Bearish Continuation until FE 100% before the price start to retrace back. Its a very high risk if you make a long entry at the moment. Watch the lowest trendline and the DT bearish channel trendline. As long as the price going down following the Bearish Channel Trendline, the Bearish Reversal speculation would still be valid. Wait for a good signal from BSTS before making any entry.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

I believed the price will make a retracement again to perform a "Head & Shoulder" pattern before start to DT again to complete wave c. Or another count is there will be a Bearish Continuation to complete wave c (a b c in white). Unless the price break the upper DT trendline, the Bearish Reversal speculation would still be valid. Preferable - A Retracement before another Bearish Continuation

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

At the moment, the market in Bearish Continuation preferable until FE100% and there is no signal yet for any reversal (correction).

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

I believed the market in correction phase (retracement) to complete wave b (yellow) and further later will going down again to complete wave c. As long as the price not breaking the short critical line, a Bearish Continuation would still be valid. Otherwise, a Bullish Reversal idea came cross to my mind (alt count a b c in white). Watch carefully the trendlines and those critical points before making any decission. Wait for a good signal from BSTS before making any entry.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

Finally the price reached my 2nd TP which is FE 100% point. I believed the price will start to retrace back in making wave b. But if the price break the "long critical point 2", we might have a Bearish Continuation. Preferable - Retracement.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

At the moment we have a very strong Bearish Continuation. I'm still looking for any Bulllish Reversal signal (retracement) later. A breakout at the upper DT trendline would boilster this point of view. Otherwise we shall see another Bearish Continuation later. My tips - waiting for any Bullish Reversal Signal if there is ?

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

We have a very strong Bearish Continuation at the moment. And there is no reversal/retracement signal from BSTS. The price already reached my TP2 for today. So its better to take your profit and wait for another continuation signal or reversal signal from BSTS later. Watch closely also for any breakout later.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

Bullish Reversal Signal ? At the moment, its like a "Double Bottom" (blue rectangle). As long the long critical line 3 has not been taken, a Bullish Reversal idea is valid. Otherwise we will see a Bearish Continuation again. Wait for a good either Bullish Reversal Signal or Bearish Continuation Signal from BSTS before making any entry.

Jebatfx · PJNet Junior Joined: Feb 23, 2008 Posts: 493

GJ 1H Chart - Market in Bearish trend but most probably there will be a correction (retracement) to complete wave iv before another bearish continuation to complete wave v and c.

GJ 4H Chart - I still believed there will be a retracement to complete wave 4 before another bearish continuation to complete wave 5 and c. Or there might be a straight bearish continuation in making a "Triple Bottom".

GJ Daily Chart - Shows a bearish breakout to complete wave C and V. I believed there will be a 1 2 3 4 5 wave before to complete wave C and V.