Saxo Group Videos

Coleman: Looking for a upswing in GBPJPY

Thanksgiving makes the hunt for opportunities a little bit more elusive especially as liquidity tends to dry up but despite a medium-term bearish trend in GBPJPY, Ian Coleman has spotted signs of a possible upswing.

"We hit a channel top at 188.80 and formed a Doji on the weekly chart. However, we are oversold, posted a DeMark correction count and we look for a larger swing to the upside in a 3 wave corrective pattern, Elliott Wave" says Ian.

The USD has been mixed for 12 days. Possibly forming a bearish Head and Shoulders pattern or Ending Wedge.

Buy a dip at 185.06 or a break of 185.66 (50 pip stop)

Targets: 186.00 and 187.70 (possible right shoulder)

Expect trading to be mixed and volatile

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02:03 minutes
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