GBP/JPY Idea

21 Nis 2017

This pair is currently resting at a Monthly support level. I marked off the macro swings with the arrows, and based on that structure, price broke higher and is currently retracing to eventually pull further ahead. The only thing to watch for is the fact that price broke past the last minor swing as marked by the red line, yet if we go by the macro play, a new uptrend should emerge. The consensus is short-term range-bound fluctuation, but long-term move upwards. After taking Fib levels out, the 1.272 and 1.618 targets rest perfectly at future Monthly resistance levels.