We can short GBPJPY for the following reasons:
Timeframe 1D
This is an uptrend market. Thus we are expecting another reversal towards .38 and .5 fib level. Also a break above 148 zone would bring buyers.
Timeframe 1D
- Primary Wave 2 cannot go over the area of wave 1.
- Intermediate wave 2 seem to have just started thus we are targeting 143 fib level which is .38 fib level.
- At the 144 level we should consider closing some of the positions and wait for a pull back as it is a resistance zone.
- Idea will be invalidated if it retraces back above wave 1.
This is an uptrend market. Thus we are expecting another reversal towards .38 and .5 fib level. Also a break above 148 zone would bring buyers.
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