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Important: I use New York close charts so that each 24-hour period closes at 5 pm EST.
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The GBPJPY just tested the 147.00 resistance level I pointed out on Sunday. In fact, today’s current high is 146.97, and the pair is trading at 146.59 at the time of this writing.
It’s unclear whether or not this is the selling opportunity. However, one thing that is clear is that sellers have gathered at the 147.00 handle. This isn’t surprising, though, given how significant the level has been since October of last year.
Personally, I’m waiting for something more convincing before making a decision. Yesterday’s session did offer a pin bar, but the market hadn’t tested the 147.00 area enough to give me the confidence necessary to open a position.
Another reason I want to be cautious here is that the market may need to tag former ascending channel support as new resistance before the next leg lower can materialize.
You may recall my posts on this pattern, including the one from May 4 as well as just about every weekly forecast for the past six weeks. A market will often need to retest the broken support level as new resistance before continuing lower.
If that ends up being the case here, it would suggest a move above 147.00, perhaps up to the 148.00 area. That is unless the 147.00 area can attract enough selling pressure over the next few sessions.
As you can tell, there are a couple ways to interpret the GBPJPY at the moment. When faced with uncertainty like this, I’ve found that the best course of action is to wait it out.
We’ve been discussing this one in the member’s area, and I have no doubt those discussions will continue following the pair’s recent break from a thirteen-month channel.
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How much do i have to pay if I don’t want to open an account with your recommended broker but still want to join the Daily Price Action member’s community area?
It’s $297 for lifetime access. You are not required to use the preferred broker. It’s optional.
Thank you. I will join just before end of this month so I can utilize on the promo
my thoughts on Gbpjpy according to my analysis if you check weekly chart there is last week pin bar and you can see it’s trying to break that 147.00 level and soon end of this week it will attract more buyers above 147.00 level for me am waiting to buy at 147.50. that’s for your effort Bennett.
I think about you how can become good trader to follow your trading setup.
Thank you Mr. Bennett, great analysis as always.
If i may ask, which Trading Book tittles can you recommend for a new trader to read, i mean apart from getting advice from DPA blog, which is great of course. Thank you.
Here you go:
https://dailypriceaction.com/articles/forex-trading-books
Thanks Mr Justin.
I can’t receive your forecost in my Massanger since 3 weeks don’t know why plz help.
Can u tell me this week high and low gbpjpy price
We are waiting.
Thanks man, I’ll join your community soonest!
Thanks Bennett I am also waiting for selling opportunities and price action near 147.00 area
Good morning sir,Just like you said,the pair is currently 147.61 this morning and its headed to 148.00,I hope there re better chances of selling opportunities now??
Hey Justin so if sellers are able to push prices south, does it mean its counter trend trade?
Good.
The market has now tested channel support as resistance and the 4-hour chart has got me convinced now Justin. With the market trading away from our EMA, I personally think the market is bound to retest 147.000 handle as support. So, I’ve seized the moment and entered short at channel support with a stop loss 300 pips away going for 147.000. A daily close above the channel support would cancel this short bearish movement.