GBP/JPY Longer Timeframe in Play
Longer time frame picture bullish with consolidation on higher values . I am looking at C3 continuation pattern with a Trick on 0.382 Fib. level , coming from a swing low at 163.91 as a confirmation of market intentions to break out above resent 175.44 high and to coincide with Eliot wave III . Next week I will be looking for price action between weekly pivot R1 and R2 with expectation of holding and consolidating on smaller time frames at R1 level before eventual break out . Sharp rejection of 140.20 will lesser to some extend my expectation but will not negate view until we trade below weekly S2 . I will use smaller time frame structures ,which will develop over upcoming week to enter into long position .
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