GBPJPY SHORT,MAYBE THEN RETRACE, BUT THEN SHORT
Ending the month, GBPJPY aka "proxy" has made clear its intentions and based on the overall monthly price action that this whole thing has been just aiming at a structural retest or a longer term bull run.
my initial considerations of a long term buy would be at 130 price level, bulls threshold to being bulls. at the moment. month is ending with an agrresive break below the previous monthly, weekly and daily prior support levels, which means intraday retracements are for you ladies and gentlemen to wine and dine until the next monthly level. at which point we may expect a retracement to retest some upper levels up to where the red bullish arrow end points, at which point we will begin another steeper descent to 130.
however this is the worst case scenario, i have not seen concrete supporting evidence to back such a steep retracement, which comes to my best case scenario, the thing keeps tumbling all the way down with minor intraday retracements to the monthly structural retest.
my initial considerations of a long term buy would be at 130 price level, bulls threshold to being bulls. at the moment. month is ending with an agrresive break below the previous monthly, weekly and daily prior support levels, which means intraday retracements are for you ladies and gentlemen to wine and dine until the next monthly level. at which point we may expect a retracement to retest some upper levels up to where the red bullish arrow end points, at which point we will begin another steeper descent to 130.
however this is the worst case scenario, i have not seen concrete supporting evidence to back such a steep retracement, which comes to my best case scenario, the thing keeps tumbling all the way down with minor intraday retracements to the monthly structural retest.