GBPUSD, USDJPY and EURJPY trading plan (29-06-2015).

Huge gaps has appeared on many pairs this week-end and we should be very cautious with our trading.

1-GBPUSD trading plan.

Watch 1,566 and prefer buying dips above it. Should it break down, sell towards 1,555.

Very small bearish gap  on GPBUSD that the pair managed to close before European markets open.  The daily chart shows a potential double bottom at 1,5650.



The weekly chart shows a bullish trend, with a mild rejection of a strong resistance level around 1,587, not even a dark cloud cover. The pair stands at a support level around 1,57.

As long as we stay above that area -1,570 1,565- we prefer to buy dips in the direction of the weekly trend for a retest of 1,587. A bearish break out of that support however means we are probably going to retest 1,555 ( a weekly 38,2 fib support line).



2-USDJPY trading plan.

Favor long over 122,4 to retest a range support at 123,7.

On H4, we opened with a huge bearish gap, right above the 122 level. Then the pair quickly broke up a resistance at 122,4 (previously a double bottom). It is now struggling with the H4 200 SMA around 122,7.



As long as we are above the 122,4 line, I will rather buy signals to go and retest an old range support now resistance around 123,75.

On the bearish side, the daily chart shows a support around 122,3 with a 50 fib support line. Should that level break, it would open the way to the  next fib line support, that is the 121,5, and eventually lower.



3-EURJPY trading plan.

Watch current level (around 135) for a bullish move to close the gap towards 138 or rather a bearish break down towards 131,7. That pair will be rather driven  by fundamental news.

The pair opened with a huge 450 pips bearish gap, but already claimed back nearly 150 of them, and now it stands at a support/resistance level around 135,  -a psychological level, the 55 SMA and a 38,2 fib support line-.



From here it may whether try to close the gap which still stands 300 pips higher around 138 (50 fib level + range support),  but that is unlikely. I will favor selling rallies into resistances up to 138 to go back to the the 23,6 fib line support around 131,7. Pay attention to news concerning both currencies (EUR and JPY), as they will probably be the catalysts of any move.



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