POTENTIAL 2 Scenarios for GJ

FX:GBPJPY   British Pound / Japanese Yen
This pairs seems to be a bit confusing, I have study carefully and come out with 2 possibility.

1. Possible Long Entry - Red Circle Area shows Inside Bar Formation with a Fakey Setup which reject the support. Price all rejects both the EMAs. Unfortunately the rejected support may seems to a minor support but not a key one.. We may see a possibility of the price to push further down to the Blue Zoning and create fakey prior pushing up..

2. Possible Short Entry. Base on Harmonic Evaluation, 1st half of the pattern have been form which Point B currently rest at 78.6 fib level. IF price doesnt break this level, there will tendency to go for short trade. Will wait for price action signal to further confirm is short trade is to be taken.



Like the black and white candle set up
Never traded this pair but short for me!