GBPJPY MORE SPACE DOWNSIDE

Sep 9, 2016

THROUGH OUT THE WEEK, I WAS SPY-ING LONG FOR THIS PAIR. CLOSED TWICE 1)MANUALLY 2)TP AT 136.90. (LOCAL RESISTANCE)
BUT LONG WASN'T SATISFIED ME ENOUGH WITH THE LOOK OF THE DOWNTREND ON D CHART.

SO THIS IS MY IDEA FOR SHORT, MEDIUM TERM. I HAVE SHORT FROM THE TOP WITH SELL LIMIT TRIGGERED AT 137.02, AND STILL THERE IS ANOTHER GOOD ENTRY FOR SHORT.

SO WATCH OVER THE BREAKOUT BELOW THE LINE, IMO IT WILL OPEN A LOWER LEVEL TO 134.90. DAILY SUPPORT AT 134.70 IS LIKELY TO BE TEST FOR LOWER LEVEL TOWARDS THE BOTTOM OF TL.

tradingview.com/chart/GBPJPY/

Sep 18, 2016

Trade active

Initially the short term target at TP1 was hit on the previous week. 1 order still opened to pursuit the extended price target. I believe when the market is open the price will continue its fall towards the weekly support at 132.48/TP2. Current scenario before the opening, the PA is visually on its weekly support at 132.86

Herewith, the Technical Analysis based on the Trendline where we will focus on the S & R and the used of the fibs line to create assumptions/predictions of the PA.

In this case, we will keep an eyes on any price action break through the trendline and over any others S & R lines to put into conclusion if the setup is still valid or so.