The downward movement continues to be a medium-term impulse, which indicates a high probability of updating the monthly lows. The major goal in the medium-term is a monthly short-term plan at 140.00-139.25.
Medium-term plan.
The continuation of a downward impulse is the main factor for building a medium-term trading plan. The first goal of the fall will be a monthly minimum. The next target is located within the monthly control zone of August at 140.00-139.25, below is the weekly control zone of 139.77-139.39. This week, the lower control zone was tested, which led to the appearance of a large offer. The formation of a local accumulation area may allow us to obtain again more favorable prices for the sale of the instrument.
For the formation of an alternative model, it is necessary to take in the fall of the current week and consolidate above the local highs. This considers the return towards the level of opening of the month.
Intraday plan.
The medium-term momentum is not broken, so the intraday plan will also focus on the weakening of the British pound against the yen. The closest target is the NCC 1/2 140.65-140.46. Reaching this zone will allow partial fixation of short positions. The specified zone is located a little further than the daily average, which may not allow the model to be completed today. The determining resistance is the NCC 1/2 143.32-143.13. While the pair is trading below this level, the downward movement will continue to remain impulsive.
Daytime CP is the daytime control zone.
Weekly CP is the weekly control zone.
Monthly CP is the monthly control zone.
