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GBP/JPY trend
We can visualize a upwards trend with identical strong retracements.
The upwards trend can be presented with the Pitchfork tool which also represent the possible retracement points, depending on the price formation before.
All of the retracements before in the same trend are on 0.5 fib retracement. The price touched the 0.25% retracement which can be seen in the same previous retracement.
Now, the price is expected to move upwards to the 75% Pitchfork , which is also the support and resist for the previous broken trend.
The next move might be reaching for the upper resist area, but the chances are low
Good luck traders, how you have a great trading week .!
Please, leave a comment below
The upwards trend can be presented with the Pitchfork tool which also represent the possible retracement points, depending on the price formation before.
All of the retracements before in the same trend are on 0.5 fib retracement. The price touched the 0.25% retracement which can be seen in the same previous retracement.
Now, the price is expected to move upwards to the 75% Pitchfork , which is also the support and resist for the previous broken trend.
The next move might be reaching for the upper resist area, but the chances are low
Good luck traders, how you have a great trading week .!
Please, leave a comment below
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