649bruno
Short

Failure For GBPJPY To Build Upside Reversal, Part 2, An Update

FX:GBPJPY   British Pound/Japanese Yen
53 0 3
Six days ago I published a GBPJPY             chart. The question was "has GBPJPY             put in a bottom, and would it reverse"?
The weight of the evidence is as follows: GBPJPY             is still in a down trend. Here are some of the reasons I feel this way:
The Ichimoku Cloud is heading lower, the phase energy remains weak, the alligator jaws are feeding in a down-trend, and prices are trading below the thick black
Ki Jun-Sen Ichimoku Cloud baseline, as well as the thick red Ichimoku Cloud conversion line. These are all negative indications.
There is a "mutated harmonic pattern" that is bearish . I cannot forecast a Fibonacci retracement with this pattern, but it does indicate a down trend continuation pattern.
On the previous chart (six days ago) the Circle Fib 1.618 was violated and prices moved lower. This key level has not been challenged to the upside.
Based on the action in GBPJPY             , I still do not think the setup is completed for an upside reversal.
Today I would like to close with a quote from Bob Hope: “I love to go to Washington, if only to be nearer my money.”
I hope this has been helpful, entertaining, and informative. I hope it saves you money. May all of your trades go well. Don.
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