The GBPJPY pair has been trading within a 7-month Channel Up since May 8 with its 1D MA100 (green trend-line) acting as its major Support thus the most optimal buy entry.
Today the price seems to be starting to reverse after two days of testing the pattern's top and the Diverging Higher Highs trend-line. With the 1D RSI having made a near Triple Top on the 70.00 Resistance, we expect the Channel Up to initiate its Bearish Leg now.
All previous Bearish Legs have hit at least their 0.618 Fibonacci retracement level, with the last two even making direct contact with the 1D MA100.
As a result, our short-term Target on this pair is 203.000 or book it earlier if the 1D RSI enters its Support Zone first.
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Today the price seems to be starting to reverse after two days of testing the pattern's top and the Diverging Higher Highs trend-line. With the 1D RSI having made a near Triple Top on the 70.00 Resistance, we expect the Channel Up to initiate its Bearish Leg now.
All previous Bearish Legs have hit at least their 0.618 Fibonacci retracement level, with the last two even making direct contact with the 1D MA100.
As a result, our short-term Target on this pair is 203.000 or book it earlier if the 1D RSI enters its Support Zone first.
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** Please LIKE 👍, FOLLOW ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **
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I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.
I trade Crypto, Forex, Indices & Commodities on PrimeXBT — all from one account with TradingView charts 👉 tradingshot.short.gy/PrimeXBT
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
I also use TradeNation for fixed spreads & zero commission 👉 tradingshot.short.gy/Tradenation
إخلاء المسؤولية
لا يُقصد بالمعلومات والمنشورات أن تكون، أو تشكل، أي نصيحة مالية أو استثمارية أو تجارية أو أنواع أخرى من النصائح أو التوصيات المقدمة أو المعتمدة من TradingView. اقرأ المزيد في شروط الاستخدام.