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    Thread: gbp/jpy chart analysis for 06/10/2019

    1. #1 Collapse Post
      My pips hand is weak
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      Wogubike is on a distinguished road Wogubike's Avatar
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      Default gbp/jpy chart analysis for 06/10/2019

      From the four hourly chart the pair has been following trendline .the pair gaped to 131.20 level at the market opening and quickly retraced to the support now turned resistance @131.70 region.This area also coincided with the trendline on the four hourly chart Since the price did not break the level am of the opinion that the downtrend will continue .first to watch is the support @131.30 if the price did not bounce from there,then the price will touch the 130.50-70 region.Considering the uncertainty of brexit the pair may drop violently this October for sellers a stop @132.80 is good.
      Om my hourly chart above you can see how the 131.70 is acting as a resistance now.At time of posting the price was @131.61.

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      The cable is still trading within the ascending channel on the daily frame, where the pair is attempting to reach the bottom border of the ascending channel, which approached at around 1.8070 levels, where the pair will complete the harmonic pattern ab = cd, from which we can buy the pair as long as we trade inside this channel with a stop. Losses close on the day below and stop 1.8000 digital

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