Expected upside Once break out of key level - Backup plan incase
As explained in previous post I am expecting to see a bullish pound and a Break of the Key Level which formed a double top earlier in the year.
Looking at a Target towards the 38.2 Fib retracement from downward move in AUG 2015 on Weekly Timeframe - Target would be 151.50 Just before the Fib level at 151.70
Safe havens are weakening an expecting further decline in JPY on this basis
The BOJ are still announcing that they are continuing to purchase unlimited amounts of corporate and Government Bonds/debt to keep strength of the currency down - plus Bullish tones on central banks cause JPY to weaken off as other parts of the world are becoming more attractive to invest their money in again.
If we do see a Triple top bounced off this level then you could expect further downside towards red line target. I believe something substantial in the world economy would need to be cause to do this
Looking at a Target towards the 38.2 Fib retracement from downward move in AUG 2015 on Weekly Timeframe - Target would be 151.50 Just before the Fib level at 151.70
Safe havens are weakening an expecting further decline in JPY on this basis
The BOJ are still announcing that they are continuing to purchase unlimited amounts of corporate and Government Bonds/debt to keep strength of the currency down - plus Bullish tones on central banks cause JPY to weaken off as other parts of the world are becoming more attractive to invest their money in again.
If we do see a Triple top bounced off this level then you could expect further downside towards red line target. I believe something substantial in the world economy would need to be cause to do this