Good Morning Traders!! Mr. Pipzz here with LOBFX!! We had a great week of trading, & we hope you did too. I've been analyzing & trading GBPJPY all week. So, here is my analysis for Friday.
An Ascending Triangle pattern has formed on the 30m Time-frame. Price has currently broken to the downside of the Triangle Pattern. I expect analysis validation after a retest & close inside of the Triangle. I placed a safe entry @134.68, with the Take Profit 1 coming from the Fibonacci Retracement level 100%. In addition to the Triangle forming, I've also marked 4HR Market Structure within a box. Price is currently testing the Top boundary of Market Structure. If it attempts & fails again, obviously we will see more downside. If it doesn't though, i'm expecting a long towards Weekly Resistance Zones.
*Analysis is only valid if price moves back into the Triangle formation & closes.*
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COMMENT BELOW YOUR IDEAS ON GJ
An Ascending Triangle pattern has formed on the 30m Time-frame. Price has currently broken to the downside of the Triangle Pattern. I expect analysis validation after a retest & close inside of the Triangle. I placed a safe entry @134.68, with the Take Profit 1 coming from the Fibonacci Retracement level 100%. In addition to the Triangle forming, I've also marked 4HR Market Structure within a box. Price is currently testing the Top boundary of Market Structure. If it attempts & fails again, obviously we will see more downside. If it doesn't though, i'm expecting a long towards Weekly Resistance Zones.
*Analysis is only valid if price moves back into the Triangle formation & closes.*
Support My Analysis With a Thumbs Up/Like
COMMENT BELOW YOUR IDEAS ON GJ
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.