GBP/JPY (27th of August 2017):
This pair recently has created a new higher low at 139.300, which abled me to draw a trend line using the previous higher low at 138.700.
My first thought is that this pair could potentially create a nice bounce from this trendline to go to my initial target at 143.000 - break past that, we could see the price to pay a visit back to a key level of resistance at the 147.500 region.
My second thought is that price could continue its bearish trend after pulling back at the 50% fib level I drew to create a lower high which could be a good area to look for entry set ups.
Should my second idea pull through my target region is 138.700 which was a resepected key level of support and resistance in the past.
My first thought is that this pair could potentially create a nice bounce from this trendline to go to my initial target at 143.000 - break past that, we could see the price to pay a visit back to a key level of resistance at the 147.500 region.
My second thought is that price could continue its bearish trend after pulling back at the 50% fib level I drew to create a lower high which could be a good area to look for entry set ups.
Should my second idea pull through my target region is 138.700 which was a resepected key level of support and resistance in the past.
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.