With the recent spikes in GBP/JPY it seems to be trying very hard to stay strong and not lose ground.Overall on a bigger time frame.Trend is sideways but the range is quite large Recently we broke below the T.L support from April 7th but Pound managed to move back above the T.L support quite sharply in a matter of 48 hours.So a break below current H4 low and I believe it should fall back to retest the T.L support once more.In the second scenario Pound may very well continue to rally against Yen and retrace as much as 61.8% by moving all way up to 159.66 and we could see a reversal and continuation in the bearish trend as price could take a turn to the downside.In the 3rd scenario.We may see the price action continue both ways north and south inside the consolidative structure....
Let me know what you guys think ? I am looking to go short but so far no signs of top formations on smaller time frames.
Let me know what you guys think ? I am looking to go short but so far no signs of top formations on smaller time frames.