FX:GBPJPY   British Pound / Japanese Yen
60 1 5
GBPJPY             has been on a long downtrend, with volatility increasing along the way (meaning deeper pullbacks). Price broke through 2 major levels at 174 and 168, before finally pulling back to retest at 174 before making another leg down to 158. Now that it found support here, I'm expecting price to have a deep pullback again into the 168 level. We see an impulsive move down with a strong rejection indicated by the first arrow, then a lower low indicated by the second arrow. The pullback by the bulls after the 2nd arrow shows strength, and as prices fell back down again, we can see bulls were still there by pinning a higher low (from the 2nd arrow) and by creating a pinbar . I'm looking to go long here for a deep pullback into the 168 level, which is also hitting a trendline , and which is a 61.8% retracement level (didn't put it on the chart because it makes things hard to see. Top of the fib start at 174.987 and bottom is low of the move).
Price steadily making way to my target. Might see some consolidation at this point before making another leg higher.
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