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(SainFaisal): Hello, fellow businesspeople! This afternoon I made an attempt to explore the topic in a post. The British pound Japanese yen in terms of volume, pivot points, and candlestick formations. On Sunday, I'll have a new and improved analysis for you. Discuss what might happen in the coming week. Looking at the daily time frame, we can see that the change this week is fairly noteworthy. After a low of 148, the GBP/JPY pair rose into a price of 162, almost 1400 pip higher. Because the consequences of adopting the wrong position can be so severe, traders must always keep this danger in mind. A day with a change of only 274 pips on Friday after several days of wild swings could be seen as a turning point.
• Daily Basis and H4 circumstances Last Friday's action was an unsuccessful attempt to break above the monthly pivot point currently sitting at 161.60. This is evidenced by the six candles on the H4 period that made an unsuccessful attempt to close above their opening prices. It appears as though buying interest has waned again, though this could just be traders cashing in on their gains from yesterday. It all began on September 26. Look at the data, purchasers are fighting to maintain market share. The small bearish candle with high open interest indicates this. Technical analysis led me to believe that the GBPJPY will continue to rise over 168, and given that the daily STOCH TF value is still near to 55, I wouldn't be surprised if it does. The candle wicks on Wednesday, Thursday, and Friday are relatively short. Represents BUYER's efforts to seek out the best offer and encourages further bullish alternatives. One may also say that the market is not bearish. To us, it looks like the daily time period backs up the bullish case. According to the H4 time frame, the price made an unsuccessful effort to break over the 161.60 resistance level. But after analysing the candle's volume and composition, we learn that there are more buyers in the market, suggesting that we should set a buy limit or buy stop for Monday. The stochastic number indicates that someone has overbought the market, but since the daily TF stochastic position is still bullish, further gains are possible. Unfortunately, we can only make educated guesses based on the most recent data available; therefore, I decided to purchase the option for around $160.50. However, I also thought about what might happen tomorrow.
Latest H1 Time Frame Three times on Friday, the price of the H1 GBP JPY sought to break above the monthly pivot point of 161.60, but ultimately had to take the medicine and retreat to the 160 level. Most of the candles are still bullish, as determined by stochastic and volume analysis, however right before closure, the price rose again without any backing from volume. On Monday, the British pound and Japanese yen will see a disparity.
Details: Resistance 1 : 166.40 Resistance 2 : 170,80 Monthly Pivot : 159.30 Support 1 : 152.20 Support 2 : 147.80
Planned SELL Order If you want to sell, but can't, your best bet is to find a good place to buy.
SELL Order With due diligence, we confirm that the preceding analysis represents an Uptrend. There are two variations of the buy option available: the buy limit and the buy stop. The upper bound to purchase is 161.50, and the lower bound is 160. while 161.85 is where the buy stop is located and 163 is where the profit target is located.
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