Jump to content

GBPJPY offers a good risk/reward short trade this week

Recommended Posts

GBPJPY offers a good short trade this week


Monthly: In a large descending triangle formation that offers a downward bias. Since posting a Hammer base in October 2016 trading has been mixed and volatile, common in corrective sequences. Ichimoku Cloud offers resistance at 156.36

ig gbpjpy m.png


Weekly: Mixed trading for the last 58 weeks has formed a bearish Ending Wedge. On a break of 143.80 the measured move target is 135.60, April 2017 low trade.  

ig gbpjpy w.png


Daily: Bearish divergence can be seen on the daily chart (price makes a higher high while the oscillator makes a lower high), often seen before a change of trend. DeMark has posted a 12 count on the daily chart, 13 highlights exhaustion. There is scope for mild buying but, with bespoke resistance seen at 155.36, gains should be limited.

ig gbpjpy d.png

In regards to the PIA analysis, no representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result.

Link to comment

Hi TrendFollower


Thank you for the feedback.


At this present time we do not offer specified entry, stop and targets for the medium term trade ideas through IG. We have recently started to post ‘views’ so that clients/traders can get a feel for what we produce away from the intraday trade ideas that are published on IG Signal Centre.


To offer some background to the PIA-First service, we are all MSTA qualified (Society of Technical Analysts). We then overlay a Grey Box system that highlights unique support and resistance levels. We then use our knowledge to offer solid risk/reward set ups.


With regards to education, we are strong believers that this is essential and, I for one continue to study after 20+ years in the markets. I have also taught technical analysis and hosted numerous webinars/seminars. We are in talks with the IG group to extend our offering and we hope this will include educational interactive webinars for all that are interested.


Thanks again



Link to comment

Thank you


Our bespoke support is at 151.95 so a good area to get out.


With regards to crypto, it is not something that we currently offer. This may change when we next sit down with IG.


If, and it’s a big IF, we did look to analysing the crypto markets, it would only be on a medium-term basis


Thanks for you input



Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • General Statistics

    • Total Topics
    • Total Posts
    • Total Members
    • Most Online
      10/06/21 10:53

    Newest Member
    Joined 04/10/22 13:45
  • Posts

    • 04 October 2022 Spot Gold The rebound from oversold territory has taken gold back to trend line resistance. The long-term trend for the precious yellow metal does however remain down. For confirmation that the downtrend could have ended, we would like to see the price closing above the major high at 1735. In this situation we would consider the downtrend to have been broken and would consider the merits of long positions once again. However, while 1735 remains resistance we continue to prefer a short bias to trades on the commodity. To initiate new short positions, we would like to see a reversal off either trend line or horizontal resistance with a close below the 1680 mark. In this scenario 1615 to 1600 would provide downside targets from the move, while traders could use a close above the reversal high (should it occur) as a stop loss indication for the trade.       Brent Crude Oil The price of brent crude is currently rebounding from what was oversold territory. The longer-term trend bias does however remain down. To reconsider long positions on the commodity, we would like to see the price closing back above trend line resistance and the major high at 9520. However, until these levels are broken, we maintain looking for short entry on a bearish reversal, whereby 8280 would become our initial support target and the reversal high used as a stop loss indication for the trade.       Our weekly technical report is compiled by in-house senior market analyst, Shaun Murison.
    • Market data to trade on Wednesday: NZD rates; TSCO earnings; OPEC+ After the downside surprise from the Australian central bank, could the Reserve Bank of New Zealand also go for a smaller rise in rates? If so, this may push the AUD/NZD up to key resistance levels. Also, an OPEC+ meeting could support oil if it delivers a 1-million barrel cut in production. IGTV’s Jeremy Naylor also looks at Tesco (TSCO) earnings.          
    • Hi @Adnan_The_Barbarian Your request has been submitted. Thank youAll the best - MongiIG
  • Create New...