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British Pound / Japanese Yen

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GBPJPY trade ideas

GBPJPY opportunity- Mean reversion play.If the market gains momentum, there is potential for a countertrend on GJ. Trading back to a weekly fast-moving average with the added confluence of a 50% retracement of the larger move.  Higher-risk trading against the trend, however, the market may present a shorter-term, high-RR trade opportunity. There are two options for this trade idea, depending on the degree of pullback. Trade invalidation If the price grinds higher without momentum or it moves below wave C with a lower low. 
Long
by SACT_CAPITAL
1
GBPJPY Support and Resistance Levels: Is 200.50 Within Reach?GBPJPY recently reached a target we discussed a couple of weeks ago, and the bullish trend remains intact above the 197.76 level. The price bounced from this level on Sunday, Monday, and Tuesday. If the price dips to around 198.42 but holds above 197.76, I anticipate bullish traders will likely support the price, aiming to lift it toward the resistance at 199.43. Should the price break above 199.71—the next target at 200.50 may come into play. This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Long
by ThinkMarkets