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27 May 2014
GBPJPY: Upside breakout looms - 2ndSkies
FXStreet (Bali) - Chris Capre, Founder at 2ndSkies, suspects that based on the recent price action in GBP/JPY, an upside breakout is coming.
Key Quotes
"The GBPJPY which we talked about in our weekly market commentary, has been in a corrective structure after the large engulfing bar + false break setup we discussed."
"Generally a corrective structure after a large impulsive move, suggests a continuation from the original impulsive move. The price action that's been forming over the last three days supports this by intimating an upside breakout is coming."
"Conservative traders can wait for the pullback entry we discussed in our weekly market commentary. More aggressive traders can look for a mild pullback into the 4hr 20 EMA, with stops below 171. Upside targets remain the same, which are 172.50/60 area."
Key Quotes
"The GBPJPY which we talked about in our weekly market commentary, has been in a corrective structure after the large engulfing bar + false break setup we discussed."
"Generally a corrective structure after a large impulsive move, suggests a continuation from the original impulsive move. The price action that's been forming over the last three days supports this by intimating an upside breakout is coming."
"Conservative traders can wait for the pullback entry we discussed in our weekly market commentary. More aggressive traders can look for a mild pullback into the 4hr 20 EMA, with stops below 171. Upside targets remain the same, which are 172.50/60 area."