dewpoint

GJ - Update, Consolidation level

FX:GBPJPY   British Pound/Japanese Yen
42 1 3
Side way movement with 130. showing a good support level , but will it hold is the question. I'm now closing out my short term shorts on this and taking full profits.
We may be seeing a consolidation, and i feel a retracement is now due.

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Yes consolidation for the time being i agree, I have a cluster of Fibonacci extensions at 122.90 (423%) from all timeframes,,,, Long term from the high of 18 June15,,,, Medium term from the high of 31 May16,,,, and short term from the high of 29 June16,, I believe we will see this level as you have described in your last post 3 days ago, But consolidation for now... may reach as high as 133.60 (also another Fib cluster from all timeframes), This may be a good level to look at opening shorts and enjoying the ride to 122
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