dewpoint

GBP/JPY - Certainly an ongoing deep correction in play

OANDA:GBPJPY   British Pound / Japanese Yen
Sliced through that 61.8% level, so next area of interest is at the 78.6% - 83.3%, i'll look at that level when it comes to see if it offers any real support, but it would need to stay above the 90% line for me, any lower, then price might go through the previous low. Given the possibility that a hard brexit occurs then how low can this go, that's the ?
Comment: Even though i've seen a good bounce off that 61.8% level, i'm still going to sit on my hands and wait to see if price comes down into my target area, especially given the volatility, just a matter of wait and see.
Comment: As i expected, price is pulling back, it could be a wave ii off the previous low. But i'm looking for this to be the wave v move lower to complete the overall low. So looking for price to stay below 13450 and down below 13360 will add that my lower buy-in target area may well be correct. If not, i can get into the trade at a later price point. I found that GJ likes round numbers, so my entry would be at the 13100 and 13000. My sl would be under the previous low at approx 12650
Comment: Price now working its way down and nearing my area of interest, will see how things go, if i see any support will look to start scaling in
Comment: Still haven't taken any position here, it appears that lower is on the cards. I will upload a new chart and link this to it shortly.

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