GBP/JPY Possible Bullish H&S Pattern for the Dragon
GBP/JPY
A scenario if a bullish head and shoulders pattern would
emerge.
If the top of the gap from yesterday would become
support, try longs targeting 157.485 which is the extension
of the initial bullish rally labelled AB. Stops go below the gap
at 151.132.
Scenario 2: Price reverses at the neck line then enter long
once price closes above 150.67, targeting 156.499, again
the extension of AB. Place stops below the pivot point level at around 150.100
Scenario 3: Price reverses at the 61.8% Fibo retracement level, once price closes above 149.73 target 154.595,
yes you guessed it, the extension of AB. Stops should go below the 78.6% Fibo retracement at 148.26.
Happy trading
A scenario if a bullish head and shoulders pattern would
emerge.
If the top of the gap from yesterday would become
support, try longs targeting 157.485 which is the extension
of the initial bullish rally labelled AB. Stops go below the gap
at 151.132.
Scenario 2: Price reverses at the neck line then enter long
once price closes above 150.67, targeting 156.499, again
the extension of AB. Place stops below the pivot point level at around 150.100
Scenario 3: Price reverses at the 61.8% Fibo retracement level, once price closes above 149.73 target 154.595,
yes you guessed it, the extension of AB. Stops should go below the 78.6% Fibo retracement at 148.26.
Happy trading