GBPJPY - Roadmap for coming months - Explanation
GBPJPY has been in consolidation for the past 2 months. However, this range of consolidation ranges around the 0.764 fib level of the most recent leg down.
Last month failed to break this level, and we are currently retesting it. Should this month close in GBPJPY above 141.5 it is very likely to enter a BULL RUN back to the Pre-Brexit levels and have GBP test how it does there. It will coincide perfectly with the 200 and 150 MA on the Weekly chart and could be a great place to enter short.
Last month failed to break this level, and we are currently retesting it. Should this month close in GBPJPY above 141.5 it is very likely to enter a BULL RUN back to the Pre-Brexit levels and have GBP test how it does there. It will coincide perfectly with the 200 and 150 MA on the Weekly chart and could be a great place to enter short.