I am going to cover a bearish trade plan and a bullish trade plan for the GBPJPY.
THE BULLISH SCENARIO
There is Triangle in play on the GBPJPY in the Daily View.
The upper trend line of this triangle is a potential bullish target, which corresponds with the 61.8 fibonacci
retracement of the most recent larger time frame bearish move, the 61.8 is at price level 135.35. Monthly M3 is within range of
of this at 135.13 as well.
A less aggressive target is the Monthly Pivot Point at 133.296 which corresponds with Weekly M4 at 133.33 and the 38.2 fibonacci
retracement at 133.176.
Take note that there is head and shoulders pattern currently in place on the GBPJPY and the highs at 132.41 will have to be breached
for bullish momentum to be validated. If this head and shoulders pattern holds, then we most likely will see price return to the weekly pivot.