This currency has formed a bear flag pattern on the daily time frame. Now, we are expecting a completion of the ascending channel right on the 78.60% Fibonacci retracement level.
Let’s see this pair increase. Looking for new higher lows to start emerging. May take some time but we are heading in the right direction.
Trade_Point
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@JoeSedona, Exactly, a higher low would be a good signal for buy. Not for now, need a strong confirmation on this one.
Josephexpg6
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Its just dropped to 113.5, still buy?
Trade_Point
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@Josephexpg6, As forecasted yesterday, GBPJPY is looking to be bullish. We also stated on our group that we need to have a higher low first to confirm the start of an uptrend.
initialjie
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buy now! buy buy buy
JoeSedona
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Correct. I’m leaving my market orders in to increase. Not opening up new Longs but leaving my existing Buys to grow. Nice to be in the “green” not “red.” If a retracement happens it will happen, yet optimistic that the breakouts will be positive at resistance points. Been waiting over three weeks for this to happen.
The optimistic Trader, Joe.