GBP/JPY: SIMPLE ANALYSIS, 2ND POTENTIAL TARGET,
In this chart you can identify the pullout has been taken into effect. Furthermore, the second target is the trend breaking out towards structure levels, I have also identified that the trend may use a pullback effect in order to maintain the waves channel. This may also be an advantage, considering long set ups. Whereas you can see a reversal after the target has been hit, this is another pullback structure method going down to the trends previous structure.
Opening point: 133.092
Target point: 135.780
Exit point: 131.602
Opening point: 133.092
Target point: 135.780
Exit point: 131.602
Trade closed: target reached
target hit waiting for reversal
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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.