Similar as GBP/JPY, the price is moving out from a short term up channel. The Elliott wave for short term up trend should be finished.
In long term, it has touched the up channel top line three times and it cannot continue break out to North.
Based on previous timing, it is possible to start a retraction in long term and the target would be the long term up channel bottom line at around Sept 23, 2023.
Similar short strategy could apply to GPB/JPY as well.
In long term, it has touched the up channel top line three times and it cannot continue break out to North.
Based on previous timing, it is possible to start a retraction in long term and the target would be the long term up channel bottom line at around Sept 23, 2023.
Similar short strategy could apply to GPB/JPY as well.
Trade closed manually:
The market is turned to positive. The short strategy is not suitable at this moment. Cancel or close the short orders and waiting for further signals.