Pretty self explanitory, GBYJPY is trading in a downward channel and has recently bounced off of 2 levels (1 in and one out of the channel) that have seemed strong and that have acted as support/resistance. If we break through the top here there is good room left in the current Fibo retracement for good gains long. If we break the bottom we have fresh lows to ride that have not been seen in 2 years.
Keep an eye on the Fibo levels and the channel resistance line when taking long profits, if the price happens to hit when they intersect, even better. TP on the short side would be 159.5 and 154.00. I would set and adjust stops jest underneath the bottom channel for a long position and just on top of the bottom channel line for short positions.
Keep an eye on the Fibo levels and the channel resistance line when taking long profits, if the price happens to hit when they intersect, even better. TP on the short side would be 159.5 and 154.00. I would set and adjust stops jest underneath the bottom channel for a long position and just on top of the bottom channel line for short positions.