GBP JPY in a market range awaiting a new Bearish signal
Updated
GBPJPY I stay like yesterday on a daily perspective to show the very strong selling wick we have had yesterday during the US session when the price action met the daily Fibonacci 0.618. I wasn't expecting the quotation to reach the daily Fibonacci but I kept in mind the daily structure without changing my view because of a short term correction. My second Short entry gave me 70 pips so more than 100 pips in that 2 Short entries on yesterday. Because the daily structure is giving 2 selling wicks the Bearish bias to reach the target of 141 handles is still valid.
The pair is now in a trading range, My current area of interest is starting from 143 to 144.
A cross of the 143 handles can provide the range breakout signal I am waiting for.
Trade active
Superb Short Entry @143.53. Let's see if we have the velocity to penetrate the supportTrade active
The first target @ 143.00 was reached. The 143 level was penetrated. A very weak rejection is opening the way to target the 0.5% Fibonacci level @142.6xTrade closed: target reached
I exceeded my daily target of 142.6x by 20 pips. An Imprisssesive bearish momentum correction of 120 pips was achieved todayTrade closed: target reached
I exceeded my daily target of 142.6x by 20 pips. An Imprisssesive bearish momentum correction of 120 pips was achieved today
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