On the 12 hour charts, we see a perfect triangle being formed along with the fact that the price targets on the first set of signals were nicely respected.
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| GBPJPY Signals |
To summarize, the high point in the triangle (A) was at 147.885, point B was formed at 137.748, while the breakout to the upside happened at 145.976. As such our upper target would be 145.976 + ((147.885 - 137.748)/2) = 151.044
Price reached this peak last Friday and now we can expect to see a drop.
Therefore, our price target would be 135.838.
Expect price to drop or come close to this level within the next 48 - 56 hours, somewhere around this Thursday/Friday.
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