GBPJPY likely to slide lower
Updated
XXXJPY pairs have seen some relief rally during the last few days and while the momentum seems to have turned bullish again in the stock market, we cannot ignore the fact that XXXJPY pairs are now struggling in terms of momentum basically moving sideways since August 5.
My primary scenario suggests that the preceding decline is incomplete and we need one more wave to the downside to complete a 5-wave impulsive move to the downside. Alternatively, labelled is green, I show an scenario of a bullish leading diagonal.
I am waiting for the pair to break out of the wedge to enter short with stops at the most recent high.
SELL at 186.600
SL at 189.325 (or the most recent high if it makes another one before this trade triggers)
TP at 180.000
My primary scenario suggests that the preceding decline is incomplete and we need one more wave to the downside to complete a 5-wave impulsive move to the downside. Alternatively, labelled is green, I show an scenario of a bullish leading diagonal.
I am waiting for the pair to break out of the wedge to enter short with stops at the most recent high.
SELL at 186.600
SL at 189.325 (or the most recent high if it makes another one before this trade triggers)
TP at 180.000
Order cancelled
The pair continued higher making another high. This now looks more like a leading diagonal and thus, I am cancelling this order, as the odds of a bullish continuation are high.
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