Good day Traders !! On this multi-timeframe analysis we will make a full breakdown of this pair.
Monthly : We Have an overextended "W" Formation and we expect a retracement at least to the 0.382 FIB level which is in confluence with the potential Target 1 .
Weekly : We also have an "W" formation as well and the neckline is exactly in confluence with the 0.5 Fib level taken on the previous impulse leg.
Daily : We are sitting at a Wave 5 and we are expecting a correction sequence "ABC" before the continuation to the upside .
COT : Institution have been decreasing net positions in JPY since they closed more than 8500 long positions and added to 1100 Short position during the last report.
From an GBP perspective we are still looking at a strong GBP because hedge funds added more longs positions than shorts and this explains the fact that there will be a lot of buy limits on this pair and then support our idea of correction in the market.
8H: We are currently super bullish and we will be monitoring price action around the Entry area for the environment to shift from a bullish to a bearish environment so we can execute our entry for a good R:R trade setup.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset. You can also leave a comment and let me know which pair you'd like me to analyze in my next idea.
Trade safe !!!
Monthly : We Have an overextended "W" Formation and we expect a retracement at least to the 0.382 FIB level which is in confluence with the potential Target 1 .
Weekly : We also have an "W" formation as well and the neckline is exactly in confluence with the 0.5 Fib level taken on the previous impulse leg.
Daily : We are sitting at a Wave 5 and we are expecting a correction sequence "ABC" before the continuation to the upside .
COT : Institution have been decreasing net positions in JPY since they closed more than 8500 long positions and added to 1100 Short position during the last report.
From an GBP perspective we are still looking at a strong GBP because hedge funds added more longs positions than shorts and this explains the fact that there will be a lot of buy limits on this pair and then support our idea of correction in the market.
8H: We are currently super bullish and we will be monitoring price action around the Entry area for the environment to shift from a bullish to a bearish environment so we can execute our entry for a good R:R trade setup.
Now if you enjoyed this analysis smash that like button and share. If you have a different opinion please leave a comment below as I would love to get more insights and ideas. I also linked my previous idea about this asset. You can also leave a comment and let me know which pair you'd like me to analyze in my next idea.
Trade safe !!!
