All pairs XXXJPY is in corrective structure & any trade looking to buy should be considered as counter trend trades. GBPJPY
longs are one of such counter strike attempt. Price is making 5-wave
corrective structure in larger time trame & within those 5-wave
correction I m looking to buy the break of corrective correction wave. Break of expanding wedge
will push price to 172. XX
& there I will actively look for shorting opportunity.
See the chart for easy understanding. And traders who dont have plan to trade counter trades should ignore this post. Traders who can afford to play counter strike should create their own plan.
In any case dont make attempt to buy before breakout of expanding wedge .