We had a massive breakout of the quaterly pivot point yesterday after the formation of the deep crab pattern at 184.61 on gbpjpy, an indication of a major trend reversal after a secondary retest of the highs around 184-45-184.75 heading into the month september.
Currently we have a brief correction to a trendline. We should see a trend continuation downwards on the bounce of the trendline around around 185.23 level (14.6 retracement level).
We should a continuation of the down trend to pattern completion point at 1.13 fib extension level at approximately 180.70, which happens to be a confluence with the long-term uptrend line
Disclaimer: This post constitutes a trade idea, and not an investment advice.
Happy trading
Currently we have a brief correction to a trendline. We should see a trend continuation downwards on the bounce of the trendline around around 185.23 level (14.6 retracement level).
We should a continuation of the down trend to pattern completion point at 1.13 fib extension level at approximately 180.70, which happens to be a confluence with the long-term uptrend line
Disclaimer: This post constitutes a trade idea, and not an investment advice.
Happy trading