Price is moving in an ascending channel, the corrective pattern have been broken after testing the 50 level of Fibonacci.
We can see lack of bearish momentum on MACD as we have a hidden divergence on it.
Price has retested the broken pattern and now it has the potential to move higher.
Here we see the same pattern revealing itself as we have seen two times before in the past. 1.47000 is a long way away but it is possible price will keep correctively rising until that area. If we do see price come to that area expect to see a huge move down just like we have seen two times in the past.
Hello Traders,
GBPJPY is a daily long correction with higher highs and higher lows. This pair is in a weekly downtrend. But we will expect a higher degree correction to at least 148.65 to the last significant high at 148.00.
We try to take a long position when it shows us a clear trend changing structure in a lower time frame. We hope this will give you a sense...
We appear to be forming a continued bullish corrective structure! This is based upon my current understanding of EW Principle. Thanks for checking it out! Show me some love, and what you were thinking ;)
