GBP/JPY: Corrective structure is coming?

From a technical point of view,, as long as the corrective structure does not fail, a bearish leg is still possible. That being said, if this analysis is correct a 3 or 5 wave bearish pattern should appear. With that in mind, the trend is bullish on the intraday chart, so use small size for this trade, even if the risk is very limited.

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📊 Support Levels on 1H Chart:

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📊 Support Area (1H):

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📊 Support Level on Intraday Chart:

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📊 Weekly Economic Data:

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🔔 Hello Traders! Our setup seems to have worked well yesterday's session, from a technical point of view we have reached the famous "Risk Area". As we can see on 1H chart, Price Action has reached the lower wedge side and potentially could have formed "Wave E". Having said that, we are well aware that ABCDE Pattern is a bullish Picture in this technical environment, so there is a risk of a bullish leg above the previous Top. More important than Gain is the Risk, so we have simply moved Stop Loss to BE. From a management point of view, everyone can decide what to do, it is possible to take profit or part of it, Day Traders will limit themselves to managing the gain.

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🔔 Good morning Traders! During yesterday's session we saw a very important bearish consolidation, and from a technical point of view, we eliminated ABCDE Bullish Pattern risk, so on 1H chart the trend returned bearish. On daily chart however, unfortunately the trend is still bullish and remains above its main support:

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🔔 Japanese Finance Minister Shunichi Suzuki said on Friday that rapid currency moves were undesirable and that authorities wouldn't rule out any options against excessive swings, in a fresh warning to investors trying to sell the yen.

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✅ TARGET 1 hit!

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🔴 Trend is still bearish.

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🔴 At the moment no changes since the last update. 👍

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🔔 BoE decision is coming....

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✅ Target 2 hit:

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🔴 Rebound or reversal, today's close will tell us this.