GBP/JPY Short
Top down analysis
WEEKLY TIMEFRAME
So from the weekly timeframe we see quite a downward trend , price action forming lower highs, and lower lows. price action is perfectly consolidating around the 61.8% .There is a possibility for price to retrace all the way 148.800 for a complete retest of the weekly.
DAILY TIMEFRAME
we can see a potential change in trend in lower timeframe coinciding with the weekly complete retest so we could see a potential short 136.000 before long to 148.800
we have confluence due to consolidation and fake out of the range . giving us more confirmation for potential down turn to
target 1=141.200
target 2=140.800
target3=139.300
WEEKLY TIMEFRAME
So from the weekly timeframe we see quite a downward trend , price action forming lower highs, and lower lows. price action is perfectly consolidating around the 61.8% .There is a possibility for price to retrace all the way 148.800 for a complete retest of the weekly.
DAILY TIMEFRAME
we can see a potential change in trend in lower timeframe coinciding with the weekly complete retest so we could see a potential short 136.000 before long to 148.800
we have confluence due to consolidation and fake out of the range . giving us more confirmation for potential down turn to
target 1=141.200
target 2=140.800
target3=139.300
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