GBP/JPY (27th of August 2017):
This pair recently has created a new higher low at 139.300, which abled me to draw a trend line using the previous higher low at 138.700.
My first thought is that this pair could potentially create a nice bounce from this trendline to go to my initial target at 143.000 - break past that, we could see the price to pay a visit back to a key level of resistance at the 147.500 region.
My second thought is that price could continue its bearish trend after pulling back at the 50% fib level I drew to create a lower high which could be a good area to look for entry set ups.
Should my second idea pull through my target region is 138.700 which was a resepected key level of support and resistance in the past.
My first thought is that this pair could potentially create a nice bounce from this trendline to go to my initial target at 143.000 - break past that, we could see the price to pay a visit back to a key level of resistance at the 147.500 region.
My second thought is that price could continue its bearish trend after pulling back at the 50% fib level I drew to create a lower high which could be a good area to look for entry set ups.
Should my second idea pull through my target region is 138.700 which was a resepected key level of support and resistance in the past.
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