Bearish alternative bat pattern for GBP/JPY
The trading range for GBP/JPY is still intact, at least until
price closes above 152.86. Further down there is still a
gap to be closed, and because it's at a significant Fibo
level - 78.6% - it is certainly conceivable for price to reach
that far below.
If price were to break below 146.94, then that is the signal
to short this market till the gap below. If price holds and
reverses at the 146.94 level then one can trade the range
again till at least 152.86.
Happy trading
The trading range for GBP/JPY is still intact, at least until
price closes above 152.86. Further down there is still a
gap to be closed, and because it's at a significant Fibo
level - 78.6% - it is certainly conceivable for price to reach
that far below.
If price were to break below 146.94, then that is the signal
to short this market till the gap below. If price holds and
reverses at the 146.94 level then one can trade the range
again till at least 152.86.
Happy trading