GBPJPY - Short term sell before another buy

FX:GBPJPY   Britisches Pfund / Japanischer Yen
While my medium to long term perspective on GBPJPY remains bullish , I am expecting a short term downside before the buyers come back to push price higher.

This gives me a short term sell opportunity this week -

1) Price is forming a diagonal structure, a reversal pattern;

2) We are seeing a RSI divergence, showing a lack of strength and momentum to push price higher; and

3) Price has reach a 200% fibonacci extension , completing the minimum criteria for wave 3, giving me an expectation that we might be seeing a wave 4 correction soon.

However, taking reference from USDJPY , we might still see price continue to inch higher first before the fall / correction comes.

Keeping a close watch for a potential sell setup this week.

P.S. USDJPY , EURJPY and GBPJPY are all presenting similar setups.

**Take reference from USDJPY as it will 'lead' the others :)
what about the huge triangle structure its in right now? wouldnt you consider that bearish?
+1 Antworten
KarYong ArmaniMcleod
@ArmaniMcleod, Hi are you referring to a triangle structure on daily timeframe?
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