GBPJPY - Short + Medium term direction prediction
Trend is clearly down on medium to short term timeframes.
The proposed primary target is close by sitting at roughly 189.565.
This would make a decent short term target as there will be plenty of stop losses sitting below that structure level so I would not be surprised to see an aggressive movement toward this level and even further toward the proposed secondary target marked, between which the 189 level sits.
I would like to clarify that I dont trade with extended targets like the secondary and tertiary ones marked. This might be handy for people who leave runners on their trades.
Also keep in mind that I am only providing potential target levels here. The best thing to do would be to drop down to lower timeframes and look for good areas of value to enter.
The proposed primary target is close by sitting at roughly 189.565.
This would make a decent short term target as there will be plenty of stop losses sitting below that structure level so I would not be surprised to see an aggressive movement toward this level and even further toward the proposed secondary target marked, between which the 189 level sits.
I would like to clarify that I dont trade with extended targets like the secondary and tertiary ones marked. This might be handy for people who leave runners on their trades.
Also keep in mind that I am only providing potential target levels here. The best thing to do would be to drop down to lower timeframes and look for good areas of value to enter.
Note
S : -5
C : 62,38 - 39,61
R : 53,47
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