JWagnerFXTrader
Short

GBPJPY Wave (iii) Lower - 186.30 key level

FX:GBPJPY   British Pound/Japanese Yen
The pivot lower in the GBPJPY             has been on the back burner as the EURUSD             collapsed last week. It appears we have a leading diagonal lower in circle '1' that began on the Friday October 23 high. Coincidentally, we are showing Oct             23 as the highest volume day in over 5 years for the GBPJPY             .

If circle wave '3' finished at today's low, then a small bounce higher is likely to be contained below 185.

The higher probability scenario is what I have labeled on the chart. That is to say we are in the beginning stages of wave ( iii             ) lower that may carry us towards 178 and possibly lower to 173.

Retail sentiment is positioned at -1.3 so it is not extreme in either direction. If we see volume pick up and/or retail sentiment show up as buyers then that could add more fuel to the bearish fire.

Good luck and happy trading!
snapshot
https://www.tradingview.com/chart/GBPJPY/nna4CQeG-GBPJPY-4hr-sell-setup/ almost same view
+1 Reply
JWagnerFXTrader PRO farid_ardavani
Nice chart. Yes, some similarities...thank you for sharing.
+1 Reply
Is this short because the major support has been broken??
Reply
Hi Alex - I wouldn't consider it a major support level broken. However, the move below the wave (4) low and lower highs builds the case this may correct deeper. A bigger and 'major' support level would be the grey trend line near 183. Even a break of that level may still offer a short opportunity towards 178.
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