GBP/JPY system trade suggests buying dips a 178.24
We have two bespoke support levels located at 178.24. When these levels collide, they add weight to the barrier.
The exact projected support level for the completion of the AB leg in a Crab formation is located at 178.24.
Although the immediate bias is to the downside, with stock indices likely to drift lower this week and traders buying safe-haven Yen, we look for buyers to emerge at this zone (178.24).
It should be noted that the anticipated move higher from 178.24, will be corrective.
Conclusion: a move down to 178.24 should be met but with buying interest to take the cross higher in the corrective BC leg of a Crab formation.
The exact projected support level for the completion of the AB leg in a Crab formation is located at 178.24.
Although the immediate bias is to the downside, with stock indices likely to drift lower this week and traders buying safe-haven Yen, we look for buyers to emerge at this zone (178.24).
It should be noted that the anticipated move higher from 178.24, will be corrective.
Conclusion: a move down to 178.24 should be met but with buying interest to take the cross higher in the corrective BC leg of a Crab formation.