GBPJPY-long against 0.61 fib retracement

FX:GBPJPY   British Pound / Japanese Yen
1275 11 22
This pair seems to be starting a series of 1-2 s
Right now is making a nice 0.61 fib retracement.
I will buy here with SL and targets shown on chart:

Currency correlation (this pairs depends directly from the GBPUSD             and USDJPY             )

- GBPUSD- from my point of view is starting a rally or at least will stays sideways but i doubt it
- USDJPY- testing a strong support, so could react and make a small rally before dropping finally. We can see it clearly on USDJPY             weekly chart (currency correlation is useful! why not to use it?)

Comment: first target hit, moving sl to be
there is an other possibility for this pair; here is weekly view of GBPJPY

there is a clear impulsive wave and now, it has started its corrective phase to down.
on the lower TF this corrective structure is making 12345 impulsive wave for A of corrective ABC

so i think downside is preferable against upside.
good luck.
FullTimeTrader farid_ardavani
Hello, i agree wit your long term count! this trade is short term on H4 chart. Just like the USDJPY this pair reachead a top and will continue the decline. Thanks for sharing!!
FullTimeTrader tntsunrise
Thanks, i agree also with your oil setup, rally could start soon and that could be a big one also. Regards.
good call
Si se respeta el canal parece posible.
Gracias por el aporte.
UPDATE. Im still in, the SL is the trendline. GBPUSD suddenly retraced. Lets see. Regards.

or maybe wait for a breakout in either direction
FullTimeTrader NidalDarawsheh
Hello, personally i dont use breakout strategy because sometimes prices moves too fast and its difficult to choose an entry point and the R/R is not good. I prefer to anticipate the move. Regards.
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