GBPJPY Weekly 5 wave decline

FX:GBPJPY   British Pound / Japanese Yen
112 0 8
GBPJPY             possible scenario

Just broken out of symmetrical triangle, common in wave 4's
Projecting fib clusters based on the marked 5 wave pattern there is a cluster at 120.00 - 116.00 which is still 1,400pips lower

Reward to risk wise this is not a great proposition right now, so what I suspect will happen is:
a) a rally into a lower time frame supply level to re-establish shorts this will likely retest and/or exceed the triangle breakout level or
b) drift sideways and spike up to test the 10 or 20week ema then fail

Will track the gbp pairs in the coming weeks but there is a risk of a relief rally soon which would be a nice time to prepare to position short again
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
MS Bahasa Melayu
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
Home Stock Screener Forex Signal Finder Cryptocurrency Signal Finder Economic Calendar How It Works Chart Features House Rules Moderators Website & Broker Solutions Widgets Stock Charting Library Feature Request Blog & News FAQ Help & Wiki Twitter
Profile Profile Settings Account and Billing My Support Tickets Contact Support Ideas Published Followers Following Private Messages Chat Sign Out