GBP/JPY is at a price that it hasn't seen since July 25th. For this reason, I believe we are going to see some rejection from this level. It has already begun, but I'm looking at the blue lines for further downside targets. We also have confluence with the break of the trendline.
Weekly:
2D: Hanging man followed by bearish engulfing candle
Daily: doji, dragonfly doji, dragonfly doji, bearish engulfing
12H: rejection of 200EMA
8H:
• multiple wick rejections of the zone
• Hanging man, bearish engulfing candle plus confirmation candle - currently rejecting trendline
4H:
• Triple top off of the zone
• Doji showing indecision right on the trendline and then we have a break
2H:
1H: Enter trade on break and rejection of 1H 200 EMA
Weekly:
2D: Hanging man followed by bearish engulfing candle
Daily: doji, dragonfly doji, dragonfly doji, bearish engulfing
12H: rejection of 200EMA
8H:
• multiple wick rejections of the zone
• Hanging man, bearish engulfing candle plus confirmation candle - currently rejecting trendline
4H:
• Triple top off of the zone
• Doji showing indecision right on the trendline and then we have a break
2H:
1H: Enter trade on break and rejection of 1H 200 EMA
Comment:
first target hit. 10 days - 250 pips
Comment:
second target hit. 16 days ~ 400 pips
Comment:
Trailing stops would've exited us out at TP1 for about 250 pips