ElPatron.Y

Potential GBPJPY outlook for the coming months

FX:GBPJPY   British Pound / Japanese Yen
I am looking for a short untill 183 area, which is point 4 of the wolfe wave . From there I would like to buy if the falling wedge in RSI breaksout north. Targeting at least point 5 and maybe even the sweet area in the wolfe wave .

Once arrived there I believe we have a lot of pips to be made at the sellof.
@LighthouseKeeper, Now what.. do you think its double Top ?
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told you you are the man jajaja
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I've been asked to place an update. Here is what I see and I think it is just a fake out what happened earlier.

Weekly chart shows that we are making higher prices but macd making lower highs. Reversal might happen soon, bulls get exhausted here.

Red channel bottom might get hit for any further climbings.
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A rising wedge has formed at point 4, see the 4h-tf chart. This rising wedge has a double bearish div in MACD, lets see if the breakout-trendline gets respected.
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