GBP/JPY was rallying non-stop for the last 2 months and I think it is time to see a correction. As you can see, GBP/JPY broke the rising channel and started falling down giving us signs of a great correction for us to capitalize on.
Now, we entered a sell position on the small flag to target the 78.6% Fibonacci extension (149.200) which is also a critical level if you draw a line on the daily chart. If GBP/JPY manages to break this level, we could see it extending its correction for more downside towards the 100% Fibonacci Extension (148.690) and the 161.8% Fibonacci Extension level at (147.314)
Now, we entered a sell position on the small flag to target the 78.6% Fibonacci extension (149.200) which is also a critical level if you draw a line on the daily chart. If GBP/JPY manages to break this level, we could see it extending its correction for more downside towards the 100% Fibonacci Extension (148.690) and the 161.8% Fibonacci Extension level at (147.314)
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.