Potential Buy Limit at 144.30
Multitimeframe analysis
Weekly
GBPJPY impulsed powerfully northward since first week of January. Weekly resistance marked by the shaded box had been broken and turned support. Expect a correction to fibonnaci levels in a month however the master trend is supportive of buys only
Daily
GBPJPY continued an impulse northward after an expected retracement. There is no strong daily resistance in sight for now
Recommendation
Wait for for the first red daily candle to appear. Take a fibonacci level to 38.2% below the latest high , await a retracement, and enter long after the market turns bullish on the 4H chart. Possible entry points at 144.30 or 144.50 depending on bullish 4H signals
Weekly
GBPJPY impulsed powerfully northward since first week of January. Weekly resistance marked by the shaded box had been broken and turned support. Expect a correction to fibonnaci levels in a month however the master trend is supportive of buys only
Daily
GBPJPY continued an impulse northward after an expected retracement. There is no strong daily resistance in sight for now
Recommendation
Wait for for the first red daily candle to appear. Take a fibonacci level to 38.2% below the latest high , await a retracement, and enter long after the market turns bullish on the 4H chart. Possible entry points at 144.30 or 144.50 depending on bullish 4H signals
Comment:
Entry activated and in profit