The British Pound is currently trading at 135.895 against the Japanese Yen during today’s London session.
We have managed to break yesterday’s key support of 135.500.
Looking closely at the hourly timeframes we can see the price has tapped perfectly our key level 135.500 and recovered with heavy bullish momentum therefore I expect a next higher high to gradually reach the 136.800 level which coincides with our measured 61.8 Fibonacci level. From this level we can then expect a heavy bearish move to come into play and continue our overall downtrend. Before this however I expected a test of the 135.750 an area in which it previously consolidated until the break. Otherwise a test of the rising trend line could also be a scenario for the pair.
Overall 100 pips to the upside before the big bearish continuation.
For an invalidation of this setup look back on the daily analysis I previously posted.
We have managed to break yesterday’s key support of 135.500.
Looking closely at the hourly timeframes we can see the price has tapped perfectly our key level 135.500 and recovered with heavy bullish momentum therefore I expect a next higher high to gradually reach the 136.800 level which coincides with our measured 61.8 Fibonacci level. From this level we can then expect a heavy bearish move to come into play and continue our overall downtrend. Before this however I expected a test of the 135.750 an area in which it previously consolidated until the break. Otherwise a test of the rising trend line could also be a scenario for the pair.
Overall 100 pips to the upside before the big bearish continuation.
For an invalidation of this setup look back on the daily analysis I previously posted.