GBPJPY Swingtrade

FX:GBPJPY   British Pound / Japanese Yen
Like you can see, the market is in the supply zone at the moment. This will rise the market price. I can't tell you what the maximum retracement point will be.

After the retracement I expect the market to fall. This is because it has left the first triangle short. therefore I do not expect that this will come back to this level. It is therefore waiting for the break of the support area .

After the break of the support line (143.285), I think there will be a pullback. When the bulls lose the power in the market we should take a short position.

The next TP (Target Price) will be 142.810. This point is the next respected support line, so we should take this point as our TP.

If our findings are correct, we can see the next results:

TP #1 +/- 62 pips

Trade closed: target reached: When you have followed my technical analysis, and you have opened a position on the small upward movement, you have achieved the following profits ":

- Predicted upward movement to TP: +/- 90 pips
- Predicted upward movement without tp: +/- 250 Pips.

Congratulations to the people who took a position through my analysis.
I hope you will keep an eye on my next forex predictions.
On RSI the triangle structure is already broken, I agree with you, price is bouncing first on the support till around 143.8 before breakout. Good luck!
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