To follow up with update on 21/10/2019 for GBPJPY
we have today following considerations for GBPJPY. As our latest posts mentioned about GBPJPY is currently in a corrective mode after an ending diagonal pattern has been finished, and the to correcting price zone shall be much more lower than the current, namely to the 136.500 price level. GBPJPY has met strongly resistance at 140.600 price zone (78.6% fibs) and from there, heading downward currently at H8 TF. The detected corrective pattern is probably in forming the 5-3-5 zigzag pattern, whereat the fist leg should be ended at 138.210 technically. From there, we have to keep further watching how the pattern will be developed at that time.
For a short term trading strategy, we can add some shorts more for GBPJPY under following technical conditions:
- GBPJPY needs to have a minor upswing again ( currently it is forming at M20 TF).
- Met the resistance at around the 140.00 -140.100 price zone and be being rejected there.
- Short at 139.900
Stop loss zones are: 140.250 or conservatively 140.800.
Take your look at the depicted charts below for more references: