This trade analysis is part of my diary. Please let me know if it was helful but also your suggestion for improvements
GBPJPY experienced significant sell off over last week in line with expectations but much greater magnitude.
Price is now sitting at support and stochastic is significantly oversold. This is also close to 618 Fib retracement form the March move and we might see some profit taking at these levels.
Should the price continue it's downtrend we can see the next target for bears around 157. levels.
I like to add to my longer term bullish portfolio on this pair and I will be looking for consolidation and price action to support bullish move. I like to price keep above 158. levels and buy from higher high.
GBPJPY experienced significant sell off over last week in line with expectations but much greater magnitude.
Price is now sitting at support and stochastic is significantly oversold. This is also close to 618 Fib retracement form the March move and we might see some profit taking at these levels.
Should the price continue it's downtrend we can see the next target for bears around 157. levels.
I like to add to my longer term bullish portfolio on this pair and I will be looking for consolidation and price action to support bullish move. I like to price keep above 158. levels and buy from higher high.