after brexit and and markets forming the biggest weekly candle i can find on pound yen charts the biggest question now is how low can the sterling really go before investors drive it back up or will this trend continue and break new lows?
i drew my rays for a break and retest of those levels. if the rays hold after a retest we can expect a bounce
in between my yellow lines is my neutral zone. break and retest of those lines will give us a more clear direction. we currently broke 140.250. watch that level on lower tf for the retest. if it holds we will continue bear which is somewhat what I am expecting. as you can see I drew the bullish wave as an Elliott wave correction of the stronger impulse wave down previously on this chart so this downtrend another impulsive wave hence the momentum its had over the months. a move up is also possible too though.