GBPJPY Corrective Structure is Over, Time for a Sell Off

Price completed a five wave corrective pattern and instantly dropped without breaking the lower parallel of the rising channel of the corrective structure. After a new impulsive move once again formed a corrective structure which is now broken and retested. This is great opportunity to go short to this pair aiming as target the lower trendline of the channel.

If price breaks outside the support trendline it has very good chance to moves lower and test the horizontal support levels as shown at the chart. Stoploss should be placed just above the end of z wave of the corrective structure. If price reaches the first target we move stoploss to breakeven to the second one.

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