Our view on #GBPJPY for the next week
Currently, GBP/JPY is trading at 137.22. The pair started a new down trend on 8th June after breaking support level at 138.29. The price is forming a lower-low-lower high pattern and moving towards its first target, which is at 135.99 and its second target is at 134.57. Do follow us for future Forex trend analysis. Thank you, Rishikesh Lilawat
Previous target reached. Waiting for a retracement to enter another sell position. A
Short signal still valid for #GBPJPY. The trendline was broken and "the brave" could have opened a short from there. We prefer to miss a good opportunity to make a better trade with lower risk. The better trade could be from 137.00 Area, which is a good Fibo confirmation level. SL 140.370 TP 129.280
Possible Short trade on #GBPJPY. We have to wait for the Elliot wave to be confirmed in point 5. As 137.00 touched (that's Fibo 61%) we can go short BUT let the price breaks the trendline first. ---- Entry 137.00 SL 140.37 TP 129.29