BULLISH FLAG - GBP/JPY

15 Jul 2016

Hi Guys.

Here is an idea. it might be a bit late and the price will never go back to this level in this particular setup.

Bullish flag reaches it's target 90% of the time. Target is 145.000 which was a S/R in mid June

First fibo retraced just below 23%, which formed the flag and then started to go up.

Now, I'm expecting to see prices come down to 139.000 which is another 23% retracement and also test the GAP.

Let's wait and see what will happen. I will only open a position if the price reaches 139.000 again.

Give your thoughts about this setup.

Thanks