GBPJPY, 23-03-31, Asian Session

 Posted by at 10:57 AM  FX Market
Mar 312023
 

Bulls dominated bear territory as price hits above 165.00. In the dailies, the trend is evident with higher highs and higher lows. At this point, bulls who got left behind (including me), are scratching their heads on how to take the next trade. We need some correction to get in.

So far, here are the closest significant levels, 164.50, 163.80 and 163.00. Even with those levels plotted out, I just hope price compresses before bouncing off.

166.00 seems the ultimate target for now. Is it a good area to short? Probably so.

GBPJPY, 2023-03-31, Asian Session by traderh on TradingView.com

GBPJPY, 23-03-30, US Session

 Posted by at 7:59 PM  FX Market
Mar 302023
 

Bulls has managed to bring price to 164.00. Bears took over and has pushed it back down to 163.25.

Using fibonacci retracement tools, I have marked key levels for bulls to take out and to support. The sell off of the bears from 164 to 163.25 has a 61.8% retracement value of 163.74. This is a level where the bulls should take out in order to push higher.

So far, the 61.8% retracement of the bullish leg from 163 to 164 with a value of 163.42 is so far supported by the bulls. However, we can never tell when bears will move and if they do, this value is critical for the bulls to support.

We have Final GDP q/q from US at 830pm (GMT+8). By then, we will see both sides trying to take out each other.

Since this is not a compression to expansion setup, this trade is not easy to take.

For bearish traders, sell around 163.74, stop above that or sell at the break of 163.41 to the downside.

For bullish traders, buy around 163.41, stop below that or buy at the break of 163.74.

GBPJPY, 23-03-30, US Session by traderh on TradingView.com

GBPJPY, 23-03-30, London Session

 Posted by at 4:22 PM  FX Market
Mar 302023
 

Bears tried to dominate during the Asian session but bulls have maintained their ground at 163.00.

Dailies are clear of a bullish trend with all arrows pointing up – higher highs, higher lows. Main bias is to go long but with price having gone this far without a correction, who has the nerve to buy into it? We are in fact in bear’s territory.

My immediate bias is still to short around 163.60 to 163.70 with a main bias of going long around the support levels I marked. I have tried shorting twice today only to have been stopped out. I’ll wait for the next compression and look for new entry points.

GBPJPY, 23-03-30, London Session by traderh on TradingView.com

GBPJPY, 23-03-29, US Session

 Posted by at 8:06 PM  FX Market
Mar 292023
 

Price has so far made consistent higher high and higher low pattern throughout today’s session. It’s like the bears just gave up and let the bulls plow through. While seems to be a positive development for traders on the long side, it should also serve as a warning.

Never be complacent as tides can change when you least expect.

Bears lurking around. More bank woes perhaps around the corner?

GBPJPY, 23-03-29, US Session by traderh on TradingView.com

GBPJPY, 23-03-29, London Session

 Posted by at 5:01 PM  FX Market
Mar 292023
 

Bulls continue to dominate today’s session. Price has been making series of higher highs and higher lows. It will continue to do so until bears make their presence felt at around 162.75 to 163.30, 164.15 and 166.00. Any compression at these levels may actually be an opportunity to short.

GBPJPY, 23-03-29, London Session by traderh on TradingView.com

GBPJPY, 23-03-29, Asian Session

 Posted by at 10:38 AM  FX Market
Mar 292023
 

Bulls and bears played circus yesterday in a tug-of-war session between 161.85 and 160.75. It ended with bulls being able to close near high. Dailies is showing clear higher high and higher low patterns thereby providing bullish bias for today.

The consolidation during the whole US session gave us bullish signals to buy into the breakout early this Asian Session.

Bulls has taken out 161.85 and we are expecting the trend to continue to 162.70 to 163.30 where bears will be waiting.

GBPJPY, 2023-03-29, Asian Session by traderh on TradingView.com

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