LewisFXBlue

Potential Long on GBP/JPY

Long
OANDA:GBPJPY   British Pound / Japanese Yen
The analysis published is of the GBPJPY pair. The potential opportunity I am presenting is a long position. Why ?
The thoughts behind this are the potential formation of a inverted head and shoulders pattern. The trade was entered on
the right shoulder that was in the 0.5 and 0.618 fib range, where it has since pushed upside. I entered the trade at 130.800 and is
currently 50 pips up. The use of basic chart patterns and Fibonacci retracements has produced a profitable trade.
Thanks for reading, hope this helps in anyway.