GBPJPY Getting the Top, Shorts looking possible

We were wrong on the earlier prediction about the pair breaking down, it went up, but now the price action in the 4hr very much paints a likely short term top and it's about time we had a correction down in this bull run which had not seen a major correction since it started several days ago. The daily is super bearish and price may retreat 100-350 pips before any further upside, the total pips in the bull run is around 800 pips. That gives us two targets for shorts, a 100 pip target and 300 pip target, we will be watching the price action very closely when the first target is achieved to confirm futher downside. If the price doesn't continue down and instead go back up towards recent highs it means that we maybe getting a sideways correction in the coming days and no continuation to the downside, also when such a correction is complete the resulting impulse would be to the upside. So this idea will be invalidated if we see price go up tommorow.

Yorum:

We have reached the first target, will be judging the price action closely this week to see if we continue lower towards our second target.