Estimated pips are the pips that would have been gained by trading ideally along the published scenario.
| Currency pair | Total pips | Posts | Average pips |
|---|---|---|---|
| GBP/JPY | +751.0 PIPS | 19 | 39.5 PIPS |
| USD/JPY | +290.0 PIPS | 19 | 15.3 PIPS |
| Total | +1,041.0 PIPS | ||
I have a bullish bias, but that doesn't mean I'm keen to buy right now.If the market forms a pullback on the 4-hour level, it would be a bit easier to buy.
Technically it's a sell, but price is struggling to move lower.If it rises from here, the 4-hour chart (H4) will start to look like a higher-low double bottom, which makes buying easier.As long as price doesn't break out of the current range, I'm keeping a bearish bias.
Market conditions aren't great, so this is a short-term scenario.
Price broke below the line that had been acting as support all along, resulting in a bearish shift.However, the daily chart still maintains a bullish bias, so I'll be trading while keeping in mind that price could turn back up at some point.
The week has opened with a break below last week's range.For now it's a sell, but the area around Line C is where support should come in.
It's a range, so I'm waiting for price to reach the range low before looking for a long.There's nothing to do right now, so I'll stay calm and wait for the right timing.
Price has broken above the high and is now sitting on the next landing.Line B, which is acting as support right now, is the 163.7 line I wrote as a provisional target yesterday.It's a line with a fair amount of basis behind it, so for now I'm expecting line B to hold as support.
It's been stuck in a range with no movement for a while, but it's being held up by the support line on the 4-hour chart (H4).Considering the daily chart is in an uptrend, if you don't want the hassle, taking a position around here is also an option.In that case, I think you can put your stop-loss level below the C line and set your take profit target near the recent high on the daily chart.
A bullish bias is the only option right now, but with the Finance Minister making verbal intervention, I think the upside will be limited.Technically, I keep a bullish bias until price breaks below Line C, and if it does, I'll consider selling on a day-trade level.
The bigger picture shows downside stalling, and a pullback is forming on the daily chart.It's starting to take the shape of a saucer bottom, so I'd like to keep trading with a bullish bias.
