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30 Jul 2014
GBP/JPY: Setting stage for very large breakout - 2ndSkies
FXStreet (Bali) - According to Chris Capre, Founder at 2ndSkies Forex, GBP/JPY is setting the stage for a potential big move given the tight price action seen in recent weeks.
Key Quotes
"For the last 8 days, the GBPJPY has been coiling in a very small range of about 60 pips, forming several inside bars in a 'coiling' like price action."
"In most cases, when the price action coils like this, it usually results in a very large breakout due to the compression in volatility, and then big expansion triggering a heavy imbalance in the order flow directionally."
"For now, the pair is sitting above a key role reversal level in 172.7550 If this level folds, then 171 and 170 should be under attack on the quick."
"If the pair breaks heavy to the upside, then 174.25 and 175.15 will be put to the test. so watch for a break soon."
Key Quotes
"For the last 8 days, the GBPJPY has been coiling in a very small range of about 60 pips, forming several inside bars in a 'coiling' like price action."
"In most cases, when the price action coils like this, it usually results in a very large breakout due to the compression in volatility, and then big expansion triggering a heavy imbalance in the order flow directionally."
"For now, the pair is sitting above a key role reversal level in 172.7550 If this level folds, then 171 and 170 should be under attack on the quick."
"If the pair breaks heavy to the upside, then 174.25 and 175.15 will be put to the test. so watch for a break soon."