GBP/JPY

There has been a major sweet spot for buyers between (08/07/2016) till (12/07/2016) a 4 day gap of consistent impulse in the trend. You also see a bearish reversal as the impulse trends hit its peak, it has been 1 month for the down-trend to occur back to its potential stage of where the trend was on (08/07/2016). Whereas, if you refer the pair to its current stage in may cause a similar pattern to effect, you can see the potential double bottoms and double tops being put in place with the help of the performing wedge. The kill zones are vital to avoid because within these 4/5 days of trading the trend will cause a bullish reverse as the Yen is at its highest spot of power against the Pound. I have chose to long in the short term as I feel that it would reach the second bottom, giving an option to decide weather to repeat trade as the trend reaches its lowest stage.

Current point: 130.870
Starting point: 130.870
Exit point: 130.185
Profit target: 131.588