The trend is still alive ! I expect to see short pull back and big spic after all the way to 163.8
Buy @ Market 167.95 SL. 166 TP 175 176 183 My 1st TP. is broken double bottom of weekly 175.
GBP/JPY has broken down through it's previously expanding range (see blue lines). It's now up testing the lower bound of that range and setting up for what I believe will be a nice short.
heading towards a support level suspecting a long trade from here. please tell me what you think.
First be identify which was the best place to go short, we found ABCD pattern completion just at resistance plus a 1.272 extension just at the market, giving reasons to look for bearish opportunities. And we get that with a Double top with an oversold condition and bearish divergence just at that zone. Stops just above the DT, 1st target at the most recent low...
What we are looking at here is a potential Gartley pattern that would give the GBP a little relief rally in it's otherwise bearish trend. We have a Fibonacci confluence of the XA 886 retracement, the AB 1.272 extension and the BC 1.414 inverted extension at approximately the same level. The pattern should complete in the PRZ zone which extends down to X which is...