Hello Traders
GBP/JPY has been selling hard in the past few weeks and despite it recent rally and possible bullish head and shoulder pattern formation, i still consider this pair bearish
i have identify this recent rally as an ABC formation wave A in 5 waves Wave B wxy combination and wave C another 5 waves possibly. Notice how quickly prices rally during wave A and notice the weakness on Wave C, is taking longer to make new highs. I expect price to find resistance at 154.245 which is .618 extension between wave A and B, after that, i will wait for market to confirm my analysis for a possible short entry
please share your comments below/
Thanks!
GBP/JPY has been selling hard in the past few weeks and despite it recent rally and possible bullish head and shoulder pattern formation, i still consider this pair bearish
i have identify this recent rally as an ABC formation wave A in 5 waves Wave B wxy combination and wave C another 5 waves possibly. Notice how quickly prices rally during wave A and notice the weakness on Wave C, is taking longer to make new highs. I expect price to find resistance at 154.245 which is .618 extension between wave A and B, after that, i will wait for market to confirm my analysis for a possible short entry
please share your comments below/
Thanks!