GBPJPY: Waiting for the 2168 Pattern
GBPJPY rose very quickly in recent weeks as expected.
But a pullback may happen in the future because the uptrend line was broken out.
In other word, a drop is coming in short term, but rally is still on in long term.
Where is the end of the drop?
Of course, the 0.618RET of the previous rally is a good destination.
Meanwhile, there is a good demand zone at this level which is also the neckline the double bottom.
So it is good to buy at 130.0-131.0
SL: below 126.5
TP: 144 and further more
But a pullback may happen in the future because the uptrend line was broken out.
In other word, a drop is coming in short term, but rally is still on in long term.
Where is the end of the drop?
Of course, the 0.618RET of the previous rally is a good destination.
Meanwhile, there is a good demand zone at this level which is also the neckline the double bottom.
So it is good to buy at 130.0-131.0
SL: below 126.5
TP: 144 and further more
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