Hi fellas,
I will keep it simple. After a massive upside run towards 158.000 handle GBPJPY pair have corrected to the downside heavily and extended it's decline until fib 0.886 level which is happens to be also a major support where this pair is finding plenty of support.
On the flip side we can see another descending trend line which the pair is following. Ideally, I would like to see a buy target towards 152.500 level then a correction to the downside towards 150.500 (sell target). Then a break and retest the trendline before going long for long term with target of 158.200
If however it cannot break the trend line I'm happy to take my profit there and look for downside break where I can sell with confirmation.
Let me know your thoughts.
Always use correct risk managment and trade safe.
Good luck.
I will keep it simple. After a massive upside run towards 158.000 handle GBPJPY pair have corrected to the downside heavily and extended it's decline until fib 0.886 level which is happens to be also a major support where this pair is finding plenty of support.
On the flip side we can see another descending trend line which the pair is following. Ideally, I would like to see a buy target towards 152.500 level then a correction to the downside towards 150.500 (sell target). Then a break and retest the trendline before going long for long term with target of 158.200
If however it cannot break the trend line I'm happy to take my profit there and look for downside break where I can sell with confirmation.
Let me know your thoughts.
Always use correct risk managment and trade safe.
Good luck.