GBPJPY Retrace before continuation Down Long

British Pound/Japanese YenFXCM

Description

⋅ Sep 22, 2016 8:18 AM

So we can back down to the Daily Support and have bounced.

Last time we did this the pair had a 618 retracement back up before the recent drop

Im looking at a possible 618 retracement again before a further Test of the daily support

Comments

nUmbaz0ne

⋅ Sep 22, 2016 9:56 AM

I don't like that it hasn't fully tested support yet. Might be a watch and wait to see if it comes back down.

Wonour

⋅ Sep 22, 2016 9:57 AM

True we could see a further drop and then go lower before we even retrace. All I can do is look at whats happened and make a judgement on what I think will happen based on previous price action.