GBPJPY Updates!!!

FX:GBPJPY   British Pound / Japanese Yen
Overall trend is still uptrend
Daily chart
The current price is above EMA 50 & EMA 200

Possible counter-trend
However, price seems weakened and finding its resistance at 194 area == pitchfork's midpoint
4H chart
possible formation of Elliot wave 5 to be completed, suggesting to go south in coincide with MACD MA crossover

Selling trigger method:
A break and close below the regression trend channel suggest to go south and take profit roughly before wave 4.

A break and close above the regression trend channel suggest to go north and take profit roughly around 195.500

Note: These are just our opinions about the market. They are not signals.

Your turn! What are your thoughts?

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