Greetings.
Let’s take a look at the GBP/JPY.
If you take a Fibonacci from the two price extremes, you’ll see we just recently hit the 61.8% Fibonacci level (129.00). This could potentially signal the turning point is near.
Although it is still a little too early to see if the low from last week will be able to hold. We may see some tests of this price (129.00) and a couple pierces, but be on the lookout for a potential buy.
If the currency pair does turn around, look for a steep movement up to re-test the high from early April 2011.
Good luck with trading and be sure to apply your money management and use your stops.
