FX:GBPJPY   British Pound / Japanese Yen
55 0 1
PRICE HAS NOW BROKEN OUT OF THE CHANNEL AND IS GOING FOR A RETRACEMENT TO THE DOWNSIDE.

IF WE SEE PRICE TOUCH THE 0.38 FIB AND THEN BREAKS THE CT             .L THAT WOULD BE THE BREAK OUT, RETEST AND CONTINUATION TO UPSIDE TARGET FIB D2 WHICH IS IN CONFLUENCE WITH MAJOR RESISTANCE.

ESSENTIALLY I FEEL PRICE MAY HAVE A FURTHER RETRACEMENT TO THE 0.61 FIB WHICH THAT IS IN CONFLUENCE WITH MY DAILY MID RANGE BEFORE BREAKING MT C.T.L TO MY TARGET.

TARGET= 189.0

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