I'm confident that GBPJPY will going down to 135.00 after breaking through the Monthly Support and rocketing it's way down. I recon it'll most likely have a small bounce after reaching the Monthly TL I have placed giving me the opportunity to place a Fibonacci and watch how the chart reacts to it.
I don't plan to risk placing a short term long since it hasn't shown enough bounce however today's candle is looking to form a Bullish Engulfing which if it does then I'm convinced we'll have a bull run before falling down around 139.50. That's where the first fib Resistance is seen and conveniently seen under the Monthly Resistance which I think will act as a support now.
I'm entering short at 136.50 seen just under the prevous low with my target to be just above the Weekly Support at 135.15. I may also enter later at 134.85 after the Weekly Support is broken for which I will close shy off the first Fib target at 133.30.
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Closed for a bullish Engulfing! I've entered for a buy last night. Hope there won't be an early turn around!
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The daily candlestick closed***
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This will be a short term before it continues its way back down
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The bulls have given out! Time for it to head down to 135.00