GBPJPY 4hr Rising Channel Breakdown
Updated
The GBPJPY has been in a Rising Channel since October. Rising Channels tend to break to the downside. Today we finally got a break & Close out of the Channel on the 4hr Chart. This would be a longer term trade. Stop is 1 ATR above Breakdown Bar. Target is the measured move of the Channel (yellow line).
Trade active
Trade is Activated on the Break & Close out of the Rising Channel on the 4hr Chart.. ONLY 2 outcomes can occur now:1. Stops get hit. or
2. Targets get hit.
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