Sunday analysis.
NOTE! The GBP/JPY is clear bearish] trend. But there is a possiblity for a retracement to the .382 level because the following reasons.
1. Three white soldiers pattern is formed and closed on the weekly chart.
2. The .382 retracement level of the A-B leg is at the extension of the blue A-B leg.
3. Red trendline falls exactly on the same level as the 2 set points.
NOTE: This trade can only be avaible if the previous resistance is broken.
NOTE! The GBP/JPY is clear bearish] trend. But there is a possiblity for a retracement to the .382 level because the following reasons.
1. Three white soldiers pattern is formed and closed on the weekly chart.
2. The .382 retracement level of the A-B leg is at the extension of the blue A-B leg.
3. Red trendline falls exactly on the same level as the 2 set points.
NOTE: This trade can only be avaible if the previous resistance is broken.