Seeing a rising wedge pattern forming on the 30m chart for GBPJPY, I've put down two points of resistance where I'd be looking at taking a short.
Also I've added the Japanese currency index (JXY) on the 4hr chart to show that it has approached a strong support level and will consolidate before it rejects and shows strength for JPY.
Thus I'm looking at shorting GBPJPY after this impulsive move to the upside, its due for a correction
My target in the mid term is 145. Good luck
Also I've added the Japanese currency index (JXY) on the 4hr chart to show that it has approached a strong support level and will consolidate before it rejects and shows strength for JPY.
Thus I'm looking at shorting GBPJPY after this impulsive move to the upside, its due for a correction
My target in the mid term is 145. Good luck
Note
A break to the downside in this 15min channel could decide on an earlier short than anticipated, break to the upside still leaves us with the same sort entries to watch. Good luck.Trade active
Entered my first short position @ Potential Short entry #1
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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.