GBPJPY Long opportunity (but you'll have to be patient)
Updated
Price in Large Pendant/Delta on weekly.
Expection is for Bullish breakout to head towards the D Fibonacci extension at 163.062.
Further evidence would be the breaking of the downward trendline on 2016.11.28 and the retesting at the back of that downward trendline on 2017.01.16.
For Swing Traders: on smaller timeframes like the 60min look to trade counter trend line breaks bullish till Extension Target hit.
For Position Traders. Simply set it and forget it.
Intraday traders. This doesn't apply since you guys can trade in both directions and still make $$$. Just wait for the Pendant Breakout.
Happy trading.
Expection is for Bullish breakout to head towards the D Fibonacci extension at 163.062.
Further evidence would be the breaking of the downward trendline on 2016.11.28 and the retesting at the back of that downward trendline on 2017.01.16.
For Swing Traders: on smaller timeframes like the 60min look to trade counter trend line breaks bullish till Extension Target hit.
For Position Traders. Simply set it and forget it.
Intraday traders. This doesn't apply since you guys can trade in both directions and still make $$$. Just wait for the Pendant Breakout.
Happy trading.
Note
Currently Price in a Downward ABCD on the Daily. Fibonacci 'D' Extension at the 14.862 which is close support of the Pendant. On the 60 min look for price to bounce off Bullish classical Pendant Style to the top/Resistance. at 147.869.
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