Since 9th October, price has been developing correctively towards the upside after the impulsive drop from the 152.87 high.
With price completing a minimum 3-wave move, we are now expecting more downside potential on GBPJPY.
We saw a minor impulse move on the lower timeframe, and should price continue to develop in a corrective manner today and early tomorrow, it will give us more conviction in taking a short trade targeting 145.45 area.
We also have the Bank of England (BOE) rate statement and monetary policy this coming Thursday. This risk event might provide the catalyst needed to develop the next impulse move.
With price completing a minimum 3-wave move, we are now expecting more downside potential on GBPJPY.
We saw a minor impulse move on the lower timeframe, and should price continue to develop in a corrective manner today and early tomorrow, it will give us more conviction in taking a short trade targeting 145.45 area.
We also have the Bank of England (BOE) rate statement and monetary policy this coming Thursday. This risk event might provide the catalyst needed to develop the next impulse move.