GBPJPY Fibo moving averages EMA (21) = Month average EMA (233) = Year average Beware of EMA cross, now EMA(21) could cross below EMA(233), this is bearish signal
GBPJPY could make a new high like in 1999. The trend channel is still ok. Stochastic indicator looks very similar. Also for a new top price EMA(21) is already above EMA(233). For the moment, one could only sell if trend channel is broken
GBPJPY short option If triangle fails to hold @193.0, then next support is @191.0 If 191.0 fails, then price can go to 186.0, and would complete wave D inside a wedge pattern In that case, the target for the wedge would be@200 - 202
GBPJPY Triangle Wave 2 of final move Long position @ 193.0 Target 200 at least
GBPJPY long @ 192 retest of 4hr trend channel. If this level fails, then next support is 190 at trend line from wave iv.
Supossing that we have the "top" in GBPJPY 195.84, then we can start a bearish wave count In this case 193.5 is very important as resistance level for completing the first wave target would be december high 189.5 Any close above 193.5 would invalidate this wave count.
GBPJPY seems to be in the last wave up. This week opening low could very well be a wave 4. So for the moment 191.3 is the low in place, if this price holds then we have to look carefully to see what happens on retest of the 4 hr trend channel at 194.5. If price re-enters the channel, then we can enter an small long looking for final top. An alternative, could be...