GBP/JPY seems to have found resistance at the 200 SMA
above. If price closes below 147.844 the next target per
measured objective from the initial bearish impulse leg is the
142.288 level, which would conveniently close the gap from
Septembre last year.
The bearish Wolfe Wave and the projected bearish trend line
drawn from point 1 to point 4, indicates the angle and levels
where price finds interim support as well as zones for
corrective moves.
Note that the third highlighted extension level comes no
where near the bearish trend line, thus the possibility of
price consolidating at that level and potentially reverse
to the upside.
Trade (RvR ratio 3.2)
Entry: Close below 147.844
S/L: 149.600
T/P: 142.228
As always scale out your profits and adjust the S/L to suit
your personal risk management profile.
Happy trading
above. If price closes below 147.844 the next target per
measured objective from the initial bearish impulse leg is the
142.288 level, which would conveniently close the gap from
Septembre last year.
The bearish Wolfe Wave and the projected bearish trend line
drawn from point 1 to point 4, indicates the angle and levels
where price finds interim support as well as zones for
corrective moves.
Note that the third highlighted extension level comes no
where near the bearish trend line, thus the possibility of
price consolidating at that level and potentially reverse
to the upside.
Trade (RvR ratio 3.2)
Entry: Close below 147.844
S/L: 149.600
T/P: 142.228
As always scale out your profits and adjust the S/L to suit
your personal risk management profile.
Happy trading