Possible bullish wolf pattern for GBP/JPY
I think that the retracement is not yet quite finished and
suspect that the market will retrace to the 61.8 % Fibo
level, at least.
If price reverses at around the 61.8% Fibo level, then
wait for price to close above 149.26 to target 152.42ish
which is the diagonal extension from leg 1 to 4.
I have stops placed in the long trade column at 147.88
which gives a perfect 2:1 ratio; however, the S/L level
is certainly due to change depending on the entry level.
Please see this as a rough possible outline for a bullish
trend continuation, and not an exact depiction of what
may come.
Happy trading
I think that the retracement is not yet quite finished and
suspect that the market will retrace to the 61.8 % Fibo
level, at least.
If price reverses at around the 61.8% Fibo level, then
wait for price to close above 149.26 to target 152.42ish
which is the diagonal extension from leg 1 to 4.
I have stops placed in the long trade column at 147.88
which gives a perfect 2:1 ratio; however, the S/L level
is certainly due to change depending on the entry level.
Please see this as a rough possible outline for a bullish
trend continuation, and not an exact depiction of what
may come.
Happy trading