The GBPJPY is in a daily corrective structure , It is now making a possible C wave up on the 240, In this 240 up trend it is in a lower degree correction. I will be looking to buy the bounce off the trend.
Have a nice weekend .
Thanks for your support.
some of my traders got all 3 of these some got 2 , I am in GBPAUD.
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hi Michelok, thanks for your warning. but don't forget that all indicators and divergences are function of price action. some people miss understand this concept and think it's price that is function of indicator or divergence. although divergence (and indicator) is an indication of momentum and shows how fast price movement is forming, but it's not a reason for that movement to reverse, price can continue its movement in that direction for long time while there is divergence; especially in triangle patterns or triangular activities of price (while it is going to form a triangle) , divergence can be a deceptive tool. I said structure is "possible" for triangle "too". if it doesn't form triangle, i won't surprise, but at this point (below 164.237) I prefer avoid trading to the upside. Again thanks for your warning.. :)
Ok, thank you too. Divergence is probably the only indication that has some forecasting value imo where other indicators dont have this, since they really only follow price-action. Divergence might point here that the down trend is coming to an end. I agree that a short move down is still possible.
Especially the break of upper "outer" structure might be nice to go long, as you show in your graph.
Don't you have an "A" wave where 5 is supposed to end. I mean A-B wave should probably be the 5-A one. So this is might be something like A-B-C and we are actually may be facing and impulce just like on Anil's chart, a very nice one just like always by the way
Oh, I thought it could be a good sell setup as soon as you intend to sell EURUSD and USDJPY in other trade ideas (especially, taking into account possible targets of USDJPY which could contribute significantly to the downtrend of eurjpy)... Well, lets wait and see for development of situation.