GBP/JPY Update: Hourly, H4 and Daily Charts

The pair is at support, almost touch 38.2% Fibonacci retracement of 118.8 to 163.06 at 146.16. The outlook remain bearish as long it stay below channel. Getting back inside the channel will turn the outlook to short term retracement to test the resistance. Target remains at 50% Fibonacci level at 141 area. Cable has been moving in negative correlation with USD/JPY most of this week, and we saw GBP/JPY stucked in between, resulting in volatile swings. Therefore, we need careful approach for the pair.

GBP/JPY D1 Chart

GBP/JPY H1 Chart

GBP/JPY H4 Chart

GBP/JPY: There is the Breakout

The pair has just broken the support trendline and I'm hoping to see a test to 151 support, which is the AB projection from C. The pair almost broke the resistance earlier actually, with the QQE indicator also breaking the trendline. However the price failed to give a clear breakout and I decided not to enter.

Ok now, the outlook is bearish, but choppy movement should be anticipated while Cable still moving north. Have a nice day guys..

GBP/JPY H1 Chart: Sell Again

Above is the updated screenshot of my last analysis for GBP/JPY in hourly TF (see post). The pair touch the resistance trendline again and I took it as entry signal for another short position. I also add outer trendline to measure the deviation. This can be the tolerance limit for SL if the pair break the inner trendline.

Looking at yesterday's performance of GBP/JPY, the sellers lose the ground after the pair touch 150.16 with another low at 150.05 after a few candles. The sterling had been in favor through the Europe and US sessions. As for today, well, we'll see.. :)

GBP/JPY H1 Chart: At Resistance Trendline

GBP/JPY seems to find its support for now at 151.05. The pair has been retrace since and reach the upper trendline which give opportunity to sell again. Stop loss is limited to around 153.29 (current high & 50% retracement). First target is 151.05 and, hopefully, break that support until 146.8x :) See the chart and my previous post ok! Byee..

GBP/JPY : Break Below

Using my last chart setup, the pair has broken the trendline in Daily as well as in H4 candles. Below are the screenshots. Nothing change about the target, which still around the next support near 38.2% Fibonacci retracement at 145.86. Risk can be limited to yesterday high around 153.55. I think its about time to see a strong trend after sideway since August 17. I certainly hope so :) I'm off from my laptop for an internship interview until euro session I think. Ok, thats all. Happy trading guys!

Daily Chart

H4 Chart

GBP/JPY H1 Chart: Dare to Sell?

The pair touch the resistance trendline and seems like a good opportunity to sell. Target is around previous low with stop loss above the resistance trendline. The pair had broken the support but failed to sustain below it after a better than expected news series on Euro before on European session. Above the resistance would bring retest of 157.36 resistance.

GBP/JPY H1 Chart: Going Down?

The pair reached the resistance trendline and could go down to the support trendline. 30 EMA also still below 50 EMA. You can also see that the QQE indicator crossed above and below 50 level in this kind of market movement. The range seems to tighten up in H1 chart, which is kind of exiting for me. Why? Because after this we can expect a breakout in either way and hope for a nice movement :) Meanwhile, lets enjoy the sideway shall we..

GBP/JPY Daily Chart: Reverse or Extent?

I drew trendlines on GBP/JPY Daily chart just now and got this as a result. I also tried to count the movement from the bottom and added 30 and 50 EMA to visualize the trend. 30 EMA has been above 50 EMA since March and I count 5 significant waves. For now, the pair formed double top with support at current low and 'wave 4' low. The selling point should be below the first support with target at the next support (wave 4 low). Or, buy the pair now with risk below the first support and target the upper channel or even the 161.8 extension of wave 3 and 4 Which one? Buy? Sell?? As for me, I would like to see the pair breaks that support and fall :) Well, lets wait and see! Bye..!

GBPJPY Weekly Chart: Bounced & Close Below 30 EMA

Since my last post, the pair has reached as high as 162.58 before going down again to 154.05, which gave support for the pair. However, after sideways for the last 3 weeks, it went down for 1,000 pips this week. The pair also closed below 30 EMA, meaning that more down should be anticipated for the following week. The pair almost touch 38.2% retracement of 118.80 (low) to 162.58 (high) at 145.86. The target remains the same which is the 50% retracement at 140.69 area. That's all, have nice weekend. Take care..

GBPJPY Weekly Chart: Bounce Off 50 EMA Resistance

The retracement from 118.80 may come to an end as the pair has touch 50 EMA on weekly chart, or 38.2% retracement of 215.85 to 118.80 with 'high' at 160.45. Potential target for short is the 50% retracement of the retracement at 139.63 and may extend to test the 118.80 'low'.

Update: GBP/JPY 2nd Entry

I add another GBP/JPY short position at 142.84. The pair went back inside the channel and tested my Stop Loss level (near 23.6% area of 118.80 to 151.52 and 30 EMA in H4 chart) before it dropped again below the channel. Target still remain at 139.02 first and 135.16 next.

GBP/JPY H4 Chart

I also move SL to 143.30 based on the MA crossover signal. I add another trendline as you can see below, which had been broken now. However, the pair need to break it previous low at 140.58. Otherwise, I wont be surprised if it makes another bullish move later on US session. I'm preety confident though, that the pair will go to 135.16 area since USD/JPY had gone below it channel also, with QQE crossing 50 level. That's all. Bye :)

GBP/JPY H1 Chart
USD/JPY Daily Chart

Entry: The Channel is Broken

I sell GBP/JPY just now at 142.28. The pair broke the uptrend channel on 4 hour chart and had retraced to test the channel. The first target is 38.2% retracement of 118.80 to 151.52 at 139.02 and 50% retracement next at 135.16. Below are the daily and 4 hour chart. Stop loss set at 144.50 area. I tried to confirm my analysis and I found one that is similar by "GJ Trader". Check the post here to get second opinion :)

Daily Chart

H4 Chart

It's been a while since my last post. Trading result had not been good with false signals on 30 EMA system (hourly chart) and several gambling trades :P I am still ahead of my monthly target though. Well, that is all guys. Bye :)

Closed: The Shorts Went Good

I closed the GBP/JPY position at 149.15 after it touch the lower channel on hourly chart. The pair broke the channel literally a few seconds after I closed it :P I quickly opened another position and closed it with 66 pips. So, it turned out that the second attempt to sell GBP/JPY ended well. As I mentioned in my previous post, the target can be more way down at 145.50 or 143.60 area. So I will look for 30 EMA signal on hourly chart to enter another short position.

GBP/JPY H1 Chart

I also entered EUR/USD after I realized that the price was near 1.3587, which is 50% Fibo retracement (yellow) of 1.4718 (December high) to 1.2456 (March low). The pair broke a minor trendline on hourly chart and I closed it at 1.3406, few pips above 38.2% retracement (blue) of 1.3113 (March 30 low) to today's high at 1.3580. There is a long signal on 4 hour chart actually with stop loss around 1.3265 but I think I'll wait until the pair touches or near another trendline below. Below is the chart. Happy trading!

EUR/USD H1 Chart

Entry: GBP/JPY Second Attempt

The pair broke 148.30 resistance and went as high as 150.70 for now. I had closed my position from last Friday with 169 pips loss. I spotted another resistance on weekly chart and decided to give it another try. The pair has touch the 30 EMA on weekly chart at 150.75. My entry point was 150.40. The pair also at the upper channel on 1 hour chart. Below are the weekly and hourly chart.

50% fibonacci retracement of 118.80 (January low) to 150.72 is at 134.72. On hourly chart, 50% fibonacci retracement of 135.70 to 150.72 is at 143.21. However, 148 (broken resistance) and 145 (March high) area have to be broken first.

Weekly Chart

H1 Chart

That is all for now. Happy trading guys!

Entry: GBP/JPY at Resistance

Ok, this is definitely my last entry this week. GBP/JPY is at one of its previous highs at 148.58. The pair also almost reach 30 EMA on weekly chart. I entered short looking for 200 pips with stop loss at the resistance area. That's all. Bye.

Entry: GBPJPY Buy Signal

I entered GBP/JPY at 136.69 (yellow circle), based on the 30 EMA system on daily time frame. The pair also touched the support trendline (magenta) at 135.70 area and bounce for almost 200 pips at the moment. Retest to 135.70 area is very possible. The first target upside is the 38.2% retracement of 215.85 to 118.80 at 155.87. Next target are 50% retracement at 167.32 and 61.8% retracement at 178.78. Stop loss level is below the trendline.

Trade: Closed GJ 131 Pips, EU 64 Pips

On the last trading day this week, I gain 131 pips from GJ from a position I opened on the previous day. Actually I mistyped the TP by 10 pips and I should have got out from the trade earlier. Fortunately, the pair tested the support again on Friday and reach the target.
There was a long signal actually before the pair drop until the broken channel (green yellow channel), but I ignored it because I noticed that UK interest rate was going to be announced later that day. I also ignored a signal on Tuesday because it was near the upper channel, which turned out to be a good signal :( Since the uptrend starts on Friday last week, I also miss a signal because my broker still in holiday.


I close EU with 64 pips also on Friday. I closed it manually after I decided to end the week. The pair went bearish after I closed my position and reach my stop loss level. So I was lucky I guess. In addition, I will look for EU short signals next week.

Trade: Cut Loss EU, Closed GJ 121 Pips (7 Jan)

I enter short EU on 7 January morning Indonesian time at 30 EMA. The pair turned on bullish after going down until 1.3433, about 90 pips from my entry price. My target was 1.3380. I decided to cut loss even my stop loss was not broken yet because of the 5,13,21 EMA crossover and QQE cross 50 level. I exit after the price move closer to my entry point so the loss was not too big, which was 51 pips.


I also entered long on GJ at 30 EMA. Entry point and stop loss shown in the chart below. The uptrend has been going for 4 days actually and a trend change is very possible. However I kept entering because the channel was already broken. In addition, my previous analysis on H4 and daily chart supported my decision. It was a nice trade actually. The pair test the previous high again immediatly. My exit also shown in the chart below.

GJ: H1, H4 and Daily Chart

I skip GJ signal today because I think that the risk is to big (green yellow line). The pair touch 30 EMA after breaking the red channel. As you see, the pair tested the resistance again after it touched the 30 EMA. Either on hourly, 4 hour or daily chart, the pair may keep on bullish. However, fundamental factor should be consider since it is NFP week. I also added 50% retracement level (yellow Fibo) on H4 chart. On daily chart, it closed above 30 EMA and the initial resistance should be around the green yellow line shown on daily chart.

H1 Chart

H4 Chart

Daily Chart

The channels (red and lime) are broken on H1 chart. 142 is the the target and 148.xx is the next. I kind of regret that I chose not to enter :( Well.. another day maybe ;) Ciao!!

Trade: Closed EU 225 Pips

I sell EU on 30 December after it touched 30 EMA. It went sideway until the next afternoon and almost closed above my SL level. The picture below shows my entry and exit point. I closed the position immediatly after FxPro server open again yesterday at 2 PM server time with 225 pips, a nice result to start the new year;) The pair goes sideway again for now.

I got an entry signal actually from GJ but Marketiva is closed until Monday. I can close my position but I cannot open any. GJ touched the 30 EMA after it breaks the TL (purple TL) on 31 December. QQE also has cross 50 level. The setup is shown on the picture below.


OK! Have a nice weekend guys!