IvanLabrie

GBPJPY: Potential long and reversal level

FX:GBPJPY   British Pound/Japanese Yen
183 3 11
Looking at this pair, which is overextending up, there is a key resistance level , which I think price will reach by March 6th.
If not reached, I will look for a short position with an invalidation level above the highlighted zone above.
For the long, invalidation level is 183.019. Price needs to stay above this level today until the close for the setup to be valid.
Good luck!
Trade closed: target reached: Perfection.
Seems like the reversal came earlier...we can start looking for short opportunities here.
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Painful advance, if target isn't reached in time or price drops under 183.45 I'd start to consider going short.
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snapshot


Possible Wolfe Waves pattern forming. All pound pairs are exhibiting weakness as of late, probably because of the 'too high, too fast' we witnessed thanks to the Bank of England's governor mention of the possibility of an interest rate hike in the near future.

Despite this potential bullish fundamental information, technical elements are suggesting the market already digested this information, and is taking profits from long positions and the supply is being absorbed by new comers probably buying the top. I'll expand into a currency basket setup publication.
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