I have been on the sideline for about a month waiting for price to close above the 174.828
area on the gbp/jpy.
Before i explain the chart, I want to point out that i drew the fib retracement on the weekly chart off of a swing low and drew it to the swing high of 174.828.
The chart on the weekly showed that price hit the 50% fib but then closed on the 61.8% and the candle stick on the weekly chart formed a pin bar! ON THE WEEKLY CHART, giving some confluence.
Also on the fib retracement level the 161.8% lines up with prior support at the 187.105 level
the signal is on the daily chart, because there is a tenkan kijun cross, and price is about to break a swing high level.
risk to reward is nearly 3:1
area on the gbp/jpy.
Before i explain the chart, I want to point out that i drew the fib retracement on the weekly chart off of a swing low and drew it to the swing high of 174.828.
The chart on the weekly showed that price hit the 50% fib but then closed on the 61.8% and the candle stick on the weekly chart formed a pin bar! ON THE WEEKLY CHART, giving some confluence.
Also on the fib retracement level the 161.8% lines up with prior support at the 187.105 level
the signal is on the daily chart, because there is a tenkan kijun cross, and price is about to break a swing high level.
risk to reward is nearly 3:1