GBPJPY monthly movement

3 dic 2016

Looking at the monthly movement of this pair, it has moved between 246.843 (monthly high) to 117.374 (monthly low).
If you draw a FIB taking high to low and looking at different retracement levels, what I notice is that 61.8 (197.368)has been a very important level, whenver it has broken that level it has either been up and down for good amount of time.
It 2015 it got rejected from 61.8 and came down to a previous historical support 126.868 which was a support in 1995.
Looking at the current movement a strong bullish engulfing Novemeber candle i am looking at this pair to grow more in coming months. It will try to retest the 61.8 level again.

I may be wrong in my analysis, as I am still learning. Advices and suggestions are apprecitaed

5 dic 2016

Nota

I am long in this pair. At least looking for a TP1 @ 38.2 and TP2 is 61.8 retracement.