GBPJPY(DAILY): WAITING FOR SIGNAL

١٠ فبراير ٢٠١٩

Overview: Downtrend with a possible uptrend in view - We have downward ranging channel (which is confirmed by the rejection of the range's resistance @ 144.200 rhyming with major resistance of the hidden range EFGH) crashing into an existing hidden range EFGH which has been persistent since June 2016. Presently, price appears to be rejecting the major support @ 141.100. Even though price appears to be in a downtrend, the rejection of this support @ 141.100 tells us to be patient for a SELL signal.
In view of this, we shall wait for a breakthrough the flag pattern formation for a signal.
Speculation:
Downtrrend potential TP @ 600pips and SL @ 250pips
Uptrend: TP @ 600pips and SL @ 177pips