GBPJPY - Short

2020-01-03 23:50:36

Looking for the retracement on the big move that happened over the course of a couple of months.
The retracement may be a 5 wave pattern indicated by the purple FIB.
We see wave 1 complete at the 61.8%, and then wave 2 stopped on a dime at the 78.6%.
Looking for 38.2% and then 23.6% to complete the wave series.

Once we break the current support trendline, we can see price drop relatively quickly further to the downside.
We already have a lot of bearish momentum downward.

Also, the target point at 23.6% should be reached by sometime late January/early Feb which coincides with the Brexit talks.