Idea for educational and study purposes. Trade at your own risk.
GBP/JPY has been in a very strong bear market over the past couple of weeks, with price reaching lows since March 2018; sentiment toward this market is very bearish. Price continues to fall well below the 50 MA. As price reaches a new low it has tested previous support. The Stop Loss is placed at the 38.2% fib level, which price has retested most recently on more than one occasion. Price broke through the last significant level of support, and is making moves toward the next level. The next major area of support is around 144,450. I anticipate price to continue it's bear trend toward this low before retracing to test the previous low. Price is also being contained in a descending channel, with lower highs and lower lows.
GBP/JPY has been in a very strong bear market over the past couple of weeks, with price reaching lows since March 2018; sentiment toward this market is very bearish. Price continues to fall well below the 50 MA. As price reaches a new low it has tested previous support. The Stop Loss is placed at the 38.2% fib level, which price has retested most recently on more than one occasion. Price broke through the last significant level of support, and is making moves toward the next level. The next major area of support is around 144,450. I anticipate price to continue it's bear trend toward this low before retracing to test the previous low. Price is also being contained in a descending channel, with lower highs and lower lows.
Trade closed: target reached:
Price pushed through our take profit area and retested the TP area as noted.
Comment:
GBP/JPY has broken another major area of support. How low can we go?! We've broken 143 and could very possibly be heading even further below!