I posted GBPJPY Long setup last Friday. The basic idea was simply Double Bottom on Weekly. But the price just broke the support and went down.
I realized I tried to pick the dropping knife.
Thus I should get back to the normal trading strategy … the price is under 21EMA. So sell!!
Here is Hourly chart.
During Asian hours, the price has been coming up, to very interesting area.
The price is about to touch 21EMA, which happens to be Fib 38.2% & DPP. Yes, very interesting sell zone.
The next sell zone should be Fib50%, 55EMA & WPP area.
The target should be Fib138.2% that is 164.35 which is also WS1 & MS3.
YJ Baik – Forex.Today @ Tokyo