JUNE 17, 2018 – GBPJPY Short Opportunity
My weekly favorite for this week is GJ. She has formed the perfect MM pattern. 3 levels of rise with a nice double top, which could also be a harmonic forming. I’m expecting a retest of the large quarter point (QP) @ 147.500 then a drop from that level. This would be the aggressive entry. For a more conservative entry, wait for price to break below the daily TL and support level which is at a small QP 146.250. My first long term target is the next large QP @ 145.00. You also have a 61.8 fib confluence at that level. I do think this pair has further downside movement beyond 145.00 and could drop as low as 140.00.
JUNE 10, 2018 – EURJPY Short Opportunity
My pick for this week is EJ. Nice H&S at a key resistance level. Price finally broke below the major quarter point @ 130. I’m looking for further downside movement with my long term target at 125.