1 - Purple Trendline acting as S/R Level
2 - Blue Trendline acting as S/R Level
3 - Downtrend Channel
4 - Area of Strong Support/Resistance (Red background)
5 - Fib 50%(0.5) retracement level (Gold Line)
6 - Divergence on MACD & RSI (5minutes TF)
7 - Deep Wave (IV) correction of Wave (III) completed at 158.25 (Wave (IV) is a deep correction because Wave (II) correction was shallow)
Look out for reversal pattern in the zone to join the downtrend continuation. Please feel free to comment and like
2 - Blue Trendline acting as S/R Level
3 - Downtrend Channel
4 - Area of Strong Support/Resistance (Red background)
5 - Fib 50%(0.5) retracement level (Gold Line)
6 - Divergence on MACD & RSI (5minutes TF)
7 - Deep Wave (IV) correction of Wave (III) completed at 158.25 (Wave (IV) is a deep correction because Wave (II) correction was shallow)
Look out for reversal pattern in the zone to join the downtrend continuation. Please feel free to comment and like
The overall trend remains bearish but I expect GBPJPY to hit a resistance around 162.25 - 162.69 zone, that's where we will start looking to short GBPJPY after we get a confirmation.
I will post a new chart soon. Thanks