SteveNixon

Pound/Yen Forecast for May/June

Long
FX:GBPJPY   British Pound / Japanese Yen
186 views
5
I'm looking at this as a corrective retracement of the previous downward impulse.
I've drawn a speculative channel and inserted a few fib retracements and extensions
Given that it's correcting the previous move I would expect to at least reach the 38.2 fib retracement
If the channel is true we could also see a 50% fib retracement.

Naturally price will not go straight up so expect corrections along the way.

I will update this chart as and when I see trading opportunities so remember to follow to receive them.
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Always wait for an entry set up before risking your money.

This is not investment advice - it is purely for educational and discussion purposes.
Your Ideas, comments and questions welcome

Good luck Steve
Comment: I'm looking for a correction soon