GBPJPY: Downtrend to Resume again?
GBPJPY Retraced to 143.24 on Friday after having fallen to 139.89 during the first two weeks of August. The pair tested the broken trend line and it will be interesting to if price moves towards major support at 139 area during the coming weeks.
During the previous week, I managed to go long at 140.10 and 140.70 area and Take Profit at 142.75. Subsequently, I went short at 143.20 and my plan is to hold it for targets towards 142.40 and 141.50.
The recent bullish momentum is merely a corrective move according to my analysis. And, I believe there's another wave towards 139 area that will take place soon.
Trading Plan for the coming week
If price manages to reach 143.20-143.40, I will look for short entries again with SL above 144.10.
On the contrary if price manages to break the 143.75 area strongly, we might towards 144.60 and even145.30.
During the previous week, I managed to go long at 140.10 and 140.70 area and Take Profit at 142.75. Subsequently, I went short at 143.20 and my plan is to hold it for targets towards 142.40 and 141.50.
The recent bullish momentum is merely a corrective move according to my analysis. And, I believe there's another wave towards 139 area that will take place soon.
Trading Plan for the coming week
If price manages to reach 143.20-143.40, I will look for short entries again with SL above 144.10.
On the contrary if price manages to break the 143.75 area strongly, we might towards 144.60 and even145.30.
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