FX.co ★ ckerluke | GBP/JPY

Greetings, colleagues. Tuesday. GBP/JPY cross. According to market profile, a classic shakeout is brewing here. The main volume shelf of the current quarter is firmly smeared at the top. The maximum horizontal volume is stuck in the 214.58–215.10 range. We are currently trading around 213.52. Price is sitting right under this heavy base. Bulls have been pressed hard. The spike up has completely choked. A classic squeezed triangle is forming. A real chop at the junction of the trendlines. Below the price a Low Volume Node vacuum is opening up. A real void. There are no serious buyer limit orders all the way down to the 211.80 level. If the bears push through the lower sloping support of the triangle, a free ride will begin. We’ll fly down with a whistle. My big downside target is a test of the intermediate level at 211.80. And globally I’ll be aiming for the next fat volume shelf at the bottom of the distribution around 210.06. I’ll be shorting aggressively on the triangle breakout. Stop is hidden above the local high at 214.58. For now I’m on the sidelines. Waiting for the move. Profits to everyone.