elliotthforex

GBP/JPY 1HR ACCUMULATION

Long
FX:GBPJPY   British Pound / Japanese Yen
I have charted up what I see on GBP/JPY . It looks to me like the previous high of this range was a 4HR institutional manipulation. This could have caused the large fall recently. I believe now that the pair is accumulating and institutions are beginning to take profits from their short positions and are allowing the price to return to the long range target of 153.171

We will see what happens but that is my prediction for the coming week for this pair. Just need to find an LPS point for a good entry to ride it up.
Trade closed: target reached: Found an entry just above the LPS at 150.173 and TP1 was hit. My SL has been moved to the entry point and 50% has been taken off the second position just letting the final 50% run risk free for the long target at 153.166.

Comments