GBPJPY 4H retrace then SHORT to 140.4 area (2 scenarios)
2 scenarios:
- Red arrows - Retrace to 38.2 fib level, then range to correlation point between trendline and 38.2 fib level, then drop below 142.35/142.55 support area
- Turquoise arrows - Retrace to 50 fib level, then drop and range to meet correlation point between trendline and 38.2 fib level, then drop below 142.35/142.55 support area
Below the 142.35/142.55 support area, price might retrace a bit around the 141.9/142.3 area, then drop again.
TP: 140.4
- Red arrows - Retrace to 38.2 fib level, then range to correlation point between trendline and 38.2 fib level, then drop below 142.35/142.55 support area
- Turquoise arrows - Retrace to 50 fib level, then drop and range to meet correlation point between trendline and 38.2 fib level, then drop below 142.35/142.55 support area
Below the 142.35/142.55 support area, price might retrace a bit around the 141.9/142.3 area, then drop again.
TP: 140.4