10th Post. FX:GBPJPY
Any comments and suggestions are welcome.
This on my 4 hour watchlist; Potential Cypher Pattern forming. We have a valid C leg, but this is still an early one to call, but worth keeping an eye on it.
Monthly is ranging and price hit into a strong support region.
Weekly is in a strong downtrend.
Daily is a strong downtrend.
If price falters at this level or above at 200EMA or higher at 170.2, we have potential shorts.
They are Tier 1 shorts because monthly is ranging and we are close to a strong support level.
Well it looks like after an impulse wave, the price is forming a corrective wave type structure which could later form into a triple bottom like structure...
Short @ 185
SL @ 187
TP 1 @ 184 (for the least patient)
TP 2 @ 183 (for the patient)
TP 3 @ 181 (for the boring hold forever type investor)
GBP/JPY short to 179. Strong selling pressure towards end of last week. Price is at key support level so we may see a pull back to 182.500 before a move down. Keep an eye on the price action when the market opens on Sunday night. I will wait for break of level prior to entering trade.
Target level of 179.00 This coincides with ascending trend line, 200EMA and .618 fib.
GBP/JPY is now uptrend mode. Which is faced resistance at 185.00 point and also faced strong support at 183.50 point. If this pair is break 185.00 level, my next target is 186.00, where its may be faced some resistance. Where is also complete ABCD Pattern.
Arrow sign tell us the possible retracement level for this pair, I think, this may retrace from those arrow...
