Will GBP/JPY Attempt to Push Higher?

2 lut

Due to it's failed attempts to break each Lower High and the Highest High, I believe it's time for GBP/JPY to sell further. Looking at it on the daily timeframe, I've identified areas of strong support that needs to be broken, preferably with a momentum candlestick and a close below from H4 to Daily. Target prices identified, coincide with the various structural supports as well as Fib Trend Extension levels with the final target being a possibility for price to "spike" into, reversing for a possible retracement.
View video for a full explanation and identified TPs.
Please "like" and feel free to comment with your own ideas or agreement!

2 lut

Uwaga

I mistakenly stated the first target to be 184.559, that should be 184.746.

9 lut

Zlecenie aktywne

Last week, GBPJPY finally closed below the first support structure it has been respecting. This daily close below support gives me added confidence to continue with my prediction of a sell continuation to the first target of 184.746. I still anticipate price to react after breaking below each identified support. I see these buy opportunities as a great way to enter a sell trade at a more premium price. 175.784 is the extended target with a slightly higher target of 177.503 as the true final target.