TDMarkets

GBP/JPY A Buy (01/Nov/2018) 11:05

GBP/JPY A Buy (01/Nov/2018) 11:05

On November 1, 2018, Posted by , In Uncategorized, By , , With No Comments

GBPJPY.DMAH4-1.png GBPJPY.DMADaily-0.png

GBP/JPY has matured up for a long. This is following a break of significant trendline from the peak/high of 2018.02.02 towards the high of 2018.07.16. With the principles of Support and Resistance, this trendline is then expected to turn into a support. Furthermore, the price is in the Fib zone on D1 with the rejection candle in the Fib. When viewing the chart from an H4 perspective, the market has indicated a reversal of the short-term downtrend, this thus aligns perfectly with our Bullish Bias. Though we do foresee a short-term retracement towards the trendline as illustrated on the picture

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