cheminacci
Short

GBPJPY More Room For Bearish Potential Part 2

FX:GBPJPY   British Pound / Japanese Yen
After getting the .382 retrace thanks to the BOJ news, it looks as if GBPJPY             has a lot further to go. We're entering major bear territory for this pair. Projected target 1 at 156.75 level ( 1.272 extension ). Projected target 2 at 148.00 levels ( 1.618 extension )
Comment: GBPJPY began to make its move downward last week. This week we should expect major resistance.
Comment: This bad boy is moving down very nicely.
Comment: Trend continuation confirmed. Break of support at 163.980
Trade closed: target reached: Target 1 hit
Trade active: Target 1 hit. Trade still open
Hello bro, please explain your analysis again, because this pair confirmation break of support 163.98 to low 159.xx. But now BH again to 165.55. So next? thanks
Reply
Hey no problem. Basically I saw that GBPJPY was in a very bearish down trend. I was looking for a possible entry at the .382 retracement of the impulse leg. Target 1 is at the 1.27 extension, and target 2 is at the 1.618 extension.
Reply
Because the support level has been broken we have confirmation that the trend is still bearish and will move down further. This pullback is probably a minor retracement. I expect this pair to continue heading downwards. I personally would wait for confirmation before putting in an order to sell.
Reply
Fatary cheminacci
Can you give some idea how many retrace this happen? and at what price you will get if it were to sell it back? I hope you want to answer, and it would help.
Reply
The market will retrace multiple times, I can't give a specific answer to that. With respect to where to sell, you have to follow the rules of your trading plan.
Reply
Fatary cheminacci
Hi bro, your first target of the project is completed, of course I congratulate for you. I was curious whether your second project will also be successful here, or you have the latest analysis of current issues brexit ? thank you
Reply
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