GBP/JPY Opinion

[usgalla]

Most possible that a Bull is loose on the GBP/JPY or GJ as we fondly call it. There is an Minor double top formation with tops at 141.75. As long as the top is held we may consider the double top formation.The Target should ideally be at 135.60 for the Double Top Formation. But considering that GJ touched 136.75 on Friday It may be possible that the down move is negated. This is as 136.75 is the higher level or possibly considered as the neckline for the Inverse Heads & Shoulders formation on GJ Hourly Chart. The Inverse heads and shoulder pattern gives us an Target of 154.75 ideally. We can consider trading longs only till such time. Especially above 141.75 Its a Bull running Loose. In case the Lower level of 135.60 is breached the pattern is negated but 141.75 will remain to be a very important level for future use. So mark this level on your charts. As long as it doesn't breach the low of 118.82 this could be another major Inverse Heads & Shoulders pattern with neckline at 141.75.
In Such a case the left white space would be considered as the left shoulder. So keep a watch on this for longer term gains.(As Posted on 1st March on other Forums 1st Image is of the same. We have added this so as to reference the our previous post)

Double Top Target achieved at 135.60. Now are we resuming the upwards move? Watch this space.

 

[usgalla]

So we now have a clear breakout on GBP/JPY. The targets for the triangle pattern would be well above 141.75 levels. Breaking above 141.75 would mean considering the current scenario a larger Inverse Heads & Shoulders Pattern which we discussed initially. Keep Watching - Long Positions Favored

 

[usgalla]

We had a breakout and a move up to 141.47 before retracing to a bit lower than 61.8% Fibonacci level before resuming its uptrend. 141.47 would now be the initial target level which would also try to resist the up move. Above that we have 141.75 which is a level we would be glad to breakout of as this will increase the probability that our targets for the Inverse Heads & Shoulders pattern is met.

 

[luckily_kv]

Thank you so much for your posts, usgalla.
Hope these charts and comments will help.

 

[Crap Buddist]

Xod

XOD GBPJPY Analysis. Done ! XOD longs from 138.00 Come the Open ?

 

[usgalla]

GBP/JPY has broken out of the Triangle/Pennant Formation on 4H Charts. Ideal Targets would be at 154.94.Our Targets for the Inverse Heads & Shoulders Pattern shown in the First Post is at 154.75. Looks like we can achieve our Targets. Considering the current breakout to be a pennant we may overshoot the Targets as well.

 

[usgalla]

The uptrend has resumed after creating an expanding triangle formation. As the upper trend lines are broken we can assume a uptrend in pl;ace. Currently momentum indicators are in overbought status. We may have a drop before we resume the bullish trend further.