FX:GBPJPY reached a critical point today, big resistance at this point as it is an intersection between a downtrend and 50% fibonacci resistance ... we will go down for sure, with an entry on 142.450, a stop loss on at 143.988 (23.60% fibonacci) and a first target at 141.002, a second target at 139.512 and 3rd target at 138.591 ...
GBPJPY I am anticipating higher price delivery these next few weeks we traded down to those EQL, as I had predicted IPDA had been seeking inefficiency at that level too. Intraday we had a failure to displace below and we did not violate CE. On Friday September 8th and most likely these upcoming weeks I will be anticipating a move into a premium. Had a TLOW profile...
3/21 Update: Price bounced off support at 139 and is now higher than the previous 4h pivot high and almost breakout out of the descending triangle. A break above 140.50 signals a buy opportunity with stops below 140 and 139.00; Alternatively, a break below 138.90 issues a very big sell signal. Traders will view the lack of momentum higher as very bearish.
Waiting for a breakout either below the 138.70 level or above 140.70. From current price action analysis, looks like the lows are going to be tested. Unless we see a false breakout, 50% fib at 136.75 is first target followed by support at 134.00