Guest Commentary: MarketVisionTV - GBPJPY - The Transparent Trade...So Clear...
Sterling Yen has maintained very clear and clean price action since the Spiral rally started from the 117.80 and 119.60 lows.
So having held the 121.40 pivot it is now entering the last stages of at least the short term uptrend beyond the conservative 123.20 target to the ideal 124.20 target (C=A just beyond the 61.8% of A leg in a daily triangle and the 1.618 of 1 objective) to complete the three wave rally..perfectly.
We are looking to sell further strength then in the next 48 hours for a loss of 122.65 to encourage 121.40-80 again but with potential clearly for at least 118.10 the 61.8% of the B leg in that Daily Triangle. A Very clear trade then. Our only problem is the stop as only a rally through projects a spike to a C=1.618 of A at 127.30 to end a larger correction.
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By @EdMatts on www.MarketVisionTV.com
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.