DavidCallwood
Long

GBPJPY: POTENTIAL FOR GREATNESS | A LOT OF PIPS (2,000)

FX:GBPJPY   British Pound/Japanese Yen
151 0 5
For the past 55 days price action for FX:GBPJPY0.64% has declined just shy of 2,000 pips from 188.75 to 169.15 while beginning to possibly slowdown near levels not seen since October 2014. The massive decline is currently very extended and can possibly experience a bit of profit taking in the near term.

Trade Idea: I will look for bearish corrections on a lower degree TF such as H4, H1 and as low as a 15 minute chart to minimize SL and maximize risk/reward for this trade. It will not happen overnight but I believe that, as the right structures begin to present itself this will become more clear, making this potentially a very big trade for 2016.

From the low of this decline the 1st target is 700+ pips, 2nd target is 1,000+ and the 3rd is potentially 2,000 pips. looking to enter at 16980 or better on a push lower with limited/calculated risk.

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