gbpjpy target for the downside (short)

Jul 12, 2017

This pair has ran into weekly resistance area and is showing a potential a,b,c,d pattern formation to further complete in the long term. However the confluence with the 618 fib and a clear rejection off the daily candle stick merely touches the 148.000 level making it also show a clear LH being made in comparison to the previous 2 highs its made in the weeks before. This pair is volatile hence the risk reward is at this ratio and gives it room for the market to move.
138.843 is my first target

Thanks for reading! and good luck with trading.