Guest Commentary: MarketVisionTV - Making Even More of a Great Trade: GBPJPY
* Sterling Yen remains so clear.. we remain leveraged!
* 130 is now a critical short term support but it wont be next week!
* Until then another deep B wave rally?
* There are no more B wave rallies!
As having reversed from just above the 5=1 13.20 target to 130 the 50% retracement, it showed its love of deep B waves with full retest of 130 before breaking bup eyond the 61.8% retracement of 132.15 in a failed retest of the 133.45 highs. 130-133.45 trades then but our view remains quite emphatically lower.
The question is therefore not if but when will it break 130 to confirm and accelerate to a 127.30-126.60 the 38.2% previous low and yes and now classically defined head and shoulders.
Could it go all the way back to retest the highs? this time its not a B wave but a second wabe and therefore be limited to probably 131.80 no mans land to strand the market before breaking lower.
Our stops? They have to 133.50 even though a break only extend to the 134.25 confluence point.
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