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British Pound / Japanese Yen

Upcoming correction ahead

By John_Boba
Updated
We have a very beautifully market constellation. The price reached the 1,618 extension of the privious bearish leg. The 0,382 retracement of the current bullish leg is exactly the previous leg. Thus, I look for a confirmation of a upcoming correction to go short. Taking RSI into consideration, it shows divergence already.



What do you think?
Your Likes much appreciated.
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JPY shows some weakness after strong bullish movements since beginning of November. I am going to increase my position with next possibility and good Risk/Reward-Ratio. However, trading correction might be mind stressful.
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Increased my position. The opening of the UK-stock will be important. snapshot
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Break of the last low.
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Trade closed: target reached
First target reached.
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GBPJPYgbpjpycorrectiongbpjpyshort
John_Boba

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