Thursday September 14 16:30 ET
The current price of GBP/JPY is 221.80.
Following our last GBP/JPY trade shorting this cross pair with a conservative target of 220.10, the price of this pair fell 274 pips further past our target to a low of 217.36, for a total downtrend size of 645 pips over 8 days, averaging about 80 pips per day.
GBP/JPY subsequently rose 472 pips over 5 days (over 90 pips per day) to a recent high of 222.08. It is now in a corrective downwards wave, which will probably be complex, and which could continue down to 221.45 or lower, which would be a possible entry point for a rise to a predicted target of 222.70 or higher (best guess for the reversal point is 223.00), depending on how clear the situation is at the time of the possible entry opportunity.
When GBP/JPY finishes with this larger uptrend at 222.70 or higher, it will present a good low risk : high reward trading opportunity down to 218.44 or lower, which offers a profit of about 450 pips.
The current price of GBP/JPY is 221.80.
Following our last GBP/JPY trade shorting this cross pair with a conservative target of 220.10, the price of this pair fell 274 pips further past our target to a low of 217.36, for a total downtrend size of 645 pips over 8 days, averaging about 80 pips per day.
GBP/JPY subsequently rose 472 pips over 5 days (over 90 pips per day) to a recent high of 222.08. It is now in a corrective downwards wave, which will probably be complex, and which could continue down to 221.45 or lower, which would be a possible entry point for a rise to a predicted target of 222.70 or higher (best guess for the reversal point is 223.00), depending on how clear the situation is at the time of the possible entry opportunity.
When GBP/JPY finishes with this larger uptrend at 222.70 or higher, it will present a good low risk : high reward trading opportunity down to 218.44 or lower, which offers a profit of about 450 pips.