GBP/JPY - Certainly an ongoing deep correction in play
Updated
Sliced through that 61.8% level, so next area of interest is at the 78.6% - 83.3%, i'll look at that level when it comes to see if it offers any real support, but it would need to stay above the 90% line for me, any lower, then price might go through the previous low. Given the possibility that a hard brexit occurs then how low can this go, that's the ?
Note
Even though i've seen a good bounce off that 61.8% level, i'm still going to sit on my hands and wait to see if price comes down into my target area, especially given the volatility, just a matter of wait and see.Note
As i expected, price is pulling back, it could be a wave ii off the previous low. But i'm looking for this to be the wave v move lower to complete the overall low. So looking for price to stay below 13450 and down below 13360 will add that my lower buy-in target area may well be correct. If not, i can get into the trade at a later price point. I found that GJ likes round numbers, so my entry would be at the 13100 and 13000. My sl would be under the previous low at approx 12650Note
Price now working its way down and nearing my area of interest, will see how things go, if i see any support will look to start scaling inNote
Still haven't taken any position here, it appears that lower is on the cards. I will upload a new chart and link this to it shortly.
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