GBPJPY CONTINUATION SELL

This pair broke past intermediate support, I am anticipating a continuation on the down trend at least to the first target.

My overall thought on this pair is that it is traveling down to 15, may be 122 area.

I'd wait for a retest of intermediate support to enter a position.

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I took the counter trend trade on this pair.

I am riding the up trend until 130.65 area which is the 61.8% fib level of the down move.

I anticipate a continuation down. As always, if price respects this TP level and does not break thru, I will begin looking to enter for a sell.

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Modifying my plan.

Trading GJ up to the hourly high and then looking for the trend to continue to the downside.

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Still expecting price to come down.

This week we corrected the 5 wave structure down. We have completed wave 1, and are now completing the retracement. I expect price to continue to the downside, first to immediate support and then break thru this level to continue to the downside.