I am looking to buy GbpJpy after the pair traced out a three candle reversal on the weekly chart,
and broke above the weekly downtrend last week
On the 4Hr chart we can see that the pair has hit 100% Fibonacci extension level at 161.23 from last move
and has bounced back from it - the broken 61.8% level could act as support now (at 159.32)
At the 61.8% Fibonacci extension we also see the 4Hr trendline, and the 25x5 DiNapoli SMA will be moving
towards this level too - the green dotted line (extended)
To me - this looks like a support level that should hold any move down, and a perfect place to buy for another move up
The next target - after such a strong move up last week - should be a break above 100% Fibonacci extension, and target is 164 area- 161.8% Fibonacci extension
and broke above the weekly downtrend last week
On the 4Hr chart we can see that the pair has hit 100% Fibonacci extension level at 161.23 from last move
and has bounced back from it - the broken 61.8% level could act as support now (at 159.32)
At the 61.8% Fibonacci extension we also see the 4Hr trendline, and the 25x5 DiNapoli SMA will be moving
towards this level too - the green dotted line (extended)
To me - this looks like a support level that should hold any move down, and a perfect place to buy for another move up
The next target - after such a strong move up last week - should be a break above 100% Fibonacci extension, and target is 164 area- 161.8% Fibonacci extension