nch
Short

Bounce on 50% Fibonacci + Demand Zone

FX:GBPJPY   British Pound/Japanese Yen
167 0 3
I would expect the pair to go up to 164.770 where it will hit:

1. 50% fibonacci
2. Demand zone (marked in red rectangle ) from mid Feb (could be seen better on H1)
3. Previous support becomes resistance

I will look for high volumes around 164.770 up to 166.0 and signs of weakness.

On the way down:
  • First target could be 50-61.8% FIbo of the up move which also match the swing between the double bottom - taking partial profit, moving SP             to BE
  • Second target would be the previous bottom 154.57
  • Third target 1.618 which also match important level from 2014 (quite long distance, but it's worth to watch)

The pending order is in the demand zone area, the SL is above the 167.50 (another demand zone on H1) while the targets would be as explained above.

GBPUSD             is in down trend while EURGBP             is up trend which compliment the current analysis.

I hope it make sense, and I would like to hear your comments on this
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