JFibonacci

GBP/JPY BULLISH 2618 + ABCD

Long
FX:GBPJPY   British Pound / Japanese Yen
Previously we've seen a double bottom form and the neckline has since then been broken. This means a 2618 trade is in alignment. Price has formed a high at 149.331 and has now retraced to 145.907 which is our 61.8% Fib level. I take aggressive approaches to these trades, so i had buy orders set directly at the 61.8% level and now we look to take profit at 150.00 major large quarter point which is a strong level of resistance, and 150.800 is also another take profit level at the -27% fib extension. This will complete the AB=CD pattern too.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.