RealistFX

GBPJPY - WEEKLY OUTLOOK

FX:GBPJPY   British Pound / Japanese Yen
From the off, GJ has a lot going on here and thus I won't be entering anything until I see how it reacts around 139 level.

2 Things in play, the Eliot Impulse Waves, currently forming wave 5 which would see us in buys as per the arrow above the fib area.

Second thing to note is the potential right should which could form around the 139. This would be bearish , with it being a reversal pattern as it failed to breach the previous high.

We may not take a trade on GJ this week (Dan will still be scalping though!) but it's better to wait for clear direction.

Reduce the if's what's and maybe's and you reduce risk and losses!

Comments

WAVE 4 HAS TRADED INTO WAVE 1S HIGH. ELLIOT INVALID
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