Chase4ex
Long

GBYJPY Retest and Long move to next resistance level

FX:GBPJPY   Britisches Pfund / Japanischer Yen
171 2 8
the recent weekly bearish engulfing candle seemed to be false either or it has made its move to the downside and become exhausted, daily and 4hr charts still show momentum to the upside. Confluence with this 3.618 level and a prior resistance level dictates this could be a very likely move as the pair has recently shot up and respected the 2.618 fib level well this past thursday/friday. I would expect a slow start out, a trace back to the 141 or 127 fib level at the least, and a possible short all the way down to the 61.8 level then a rise up to the 2.618 again, if it breaks the 2.618 with momentum i believe it should go up to the 3.618 fairly quickly (however this may not occur until tuesday/wednesday). If it breaks that level I would look for an exit between the 4.236 level and the high of the next zone.
It will go further down in my opinion before longterm long. Anyway good luck bro.
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Thanks for a great anylysis mate!
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