Alexkly
Short

GBPJPY Possible Corrective wave approaching.

OANDA:GBPJPY   British Pound / Japanese Yen
February's High was reached @ 156 so the market seems to want to correct itself either to make another push to the upside or to continue in this downward spiral. Price has broken several key Fibonacci levels and slowed down @ the 38.2% fib indicating that to be a strong support @152.35. Taking the new structure high and the outside return using a Fibonacci extension the 1.618 level is supporting a 150 level of support which is also close to January's Low @150.5. That being said price needs to rebound and retest all previous levels to continue its bullish momentum. Although it only needs to break the 38.2% and continue to test Major daily support and also the bottom of the channel of lows. As of right now price action needs to do 1 of 2 things, either break the 38.2% or retest the 50%. Therefore, the conclusion can be drawn that it is probable with the bearish momentum that has been established will continue to create the corrective wave we are witnessing. That being said I would like to see price test the 150 level to finish the corrective wave and return to creating New Highs.
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out