GBPJPY Possible Corrective wave approaching.

6 בפבר׳ 2018

February's High was reached @ 156 so the market seems to want to correct itself either to make another push to the upside or to continue in this downward spiral. Price has broken several key Fibonacci levels and slowed down @ the 38.2% fib indicating that to be a strong support @152.35. Taking the new structure high and the outside return using a Fibonacci extension the 1.618 level is supporting a 150 level of support which is also close to January's Low @150.5. That being said price needs to rebound and retest all previous levels to continue its bullish momentum. Although it only needs to break the 38.2% and continue to test Major daily support and also the bottom of the channel of lows. As of right now price action needs to do 1 of 2 things, either break the 38.2% or retest the 50%. Therefore, the conclusion can be drawn that it is probable with the bearish momentum that has been established will continue to create the corrective wave we are witnessing. That being said I would like to see price test the 150 level to finish the corrective wave and return to creating New Highs.