I'm expecting a bullish move to the 0% level of the fibonacci levels, and in a more stronger move, up to 27% or 50%.
Notice that this is probably, the 5th wave, which may be truncated or be the longest.
I'm expecting a drop in a bit, this is a higher timeframe move and could take a while before it really drops.
Method of analysis; market structure, fibbonacci levels, supply zone.
Im expecting a drop in this pair after the formation of an expanding diagonal pattern . It is also prone to respect the downward trend line from the weekly timeframe as this is the stronger trend as compared to its recent bullish move.
The GBP/JPY pair on the daily time frame is respecting a down trend line and also a complex chart pattern has just formed, which also signifies a bearish move. Notice how the momentum of the bulls has started diminishing.
So using the 4 hour timeframe, a once strong resistance zone has been broken and also retested. We should expect a long term but on this pair. Also be careful to get a good entry. I would advice to wait for the MACD to cross before entry
HELLO, its @jamesfx111 taking you through the FX:AUDJPY chart. So for the past few weeks (29 may), the pair has been forming an upward channel which is now getting closer together. Also if your a big fan of support and resistance line, you can see that a kind of strong resistance at the point 76,646 has been broken and is been retested to become a support line....
