We have a Bearish Shark
Pattern that is forming on the GBPJPY
. The great part about this setup is the 0.886 XA retracement matches perfectly with previous structure (dashed red line). We will see a completion around 178.76 and possible first target 178.416 for a nice ~35 pips. Currently, we have the currency bouncing off a trend-line resistance. Best time than any to join the ride to the D-point.
Trade wisely, Trade Responsibly.