First thing first, above is GBPJPY daily chart update from my previous post on technical analysis. The pair has reached the resistance (213.86) as expected. The pair retrace in the last day of trading, forming an ascending triangle pattern. So, I made further analysis. Below is another GBPJPY daily chart, showing the Fibonacci level of the drop (251.09-204.72) counted as A-B-C. Adding the Fibonacci expansion (C-1-2), we can see the FE 161.8 level near the 61.8% Fibonacci retracement level at 222.43. I expect a breakout of 213.90 late next week to open a long term position targeting the FE 161.8 area, or buy at trendline to minimize the Stop Loss. Have a good weekend guys. :)
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