GBP/JPY was rallying non-stop for the last 2 months and I think it is time to see a correction. As you can see, GBP/JPY broke the rising channel and started falling down giving us signs of a great correction for us to capitalize on.
Now, we entered a sell position on the small flag to target the 78.6% Fibonacci extension (149.200) which is also a critical level if you draw a line on the daily chart. If GBP/JPY manages to break this level, we could see it extending its correction for more downside towards the 100% Fibonacci Extension (148.690) and the 161.8% Fibonacci Extension level at (147.314)
Now, we entered a sell position on the small flag to target the 78.6% Fibonacci extension (149.200) which is also a critical level if you draw a line on the daily chart. If GBP/JPY manages to break this level, we could see it extending its correction for more downside towards the 100% Fibonacci Extension (148.690) and the 161.8% Fibonacci Extension level at (147.314)
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