I'm new to publishing my technical analysis ideas but I'm pretty sure that is a descending triangle forming in the GBPJPY daily chart. Drawing Fibonacci retracement from the market high at 168.49 (April 20, 2022) to the market low of 155.70 (May 12, 2022) shows the market trading between Fibo levels. Entering the triangle pattern to the downside is what gives me to short direction of the triangle breakout, Also, red and orange news on May 31 and June 1 gives the timing as correct for a major market move to the south.
My target level is at least a 100% retrace completion to 155.49 and possibly to the 1.272 level of 152.174.
DISCLOSURE: I am holding a short from 158.649 which could be coloring my thinking. I would love to get out of this position profitably.
DISCLAIMER: Trading the FOREX markets can result in great gains or great losses. Consult with your financial advisor to make sure that FOREX trading is right for you.
My target level is at least a 100% retrace completion to 155.49 and possibly to the 1.272 level of 152.174.
DISCLOSURE: I am holding a short from 158.649 which could be coloring my thinking. I would love to get out of this position profitably.
DISCLAIMER: Trading the FOREX markets can result in great gains or great losses. Consult with your financial advisor to make sure that FOREX trading is right for you.
Comment:
UPDATE: This idea was a complete failure.