G'day Trader,
With GBPJPY we are looking at overall bearish move with the possibility of 2 scenarios to playing out.
Our confluence are very clear Head and Shoulder pattern, break and retest of ascending channel.
Price currently retesting pervious minor support as resistance at the 38.2% fib. If we get a strong bearish candle this could be nice move down.
We could also look for price to pullback to 61.8% fib before continuing bearish move down.
Its game of patience now.
Good luck Traders.
Lenin
With GBPJPY we are looking at overall bearish move with the possibility of 2 scenarios to playing out.
Our confluence are very clear Head and Shoulder pattern, break and retest of ascending channel.
Price currently retesting pervious minor support as resistance at the 38.2% fib. If we get a strong bearish candle this could be nice move down.
We could also look for price to pullback to 61.8% fib before continuing bearish move down.
Its game of patience now.
Good luck Traders.
Lenin