GBPJPY possible Short
Updated
Currently at a monthly level on both the weekly and daily charts When price came up to Weekly SR lvl 135.650 Price rejected that area but has not broken below monthly SR lvl of 132.310 Which currently is a consolidation until price breaks below that area and should be treated as such until proven other wise. Price action on the daily shows the start of a possible rising wedge formation which is bearish. the rising wedge pattern should look more clear as you go down to the 4hr chart and so on. in order to take a swing intry rather than a quick pivot we wait for a need a break of the wedge to confirm. The more conservative entry would be to wait for a pullback after break after if you enter after the break and don't wait set a wider stop loss. if you wait for the pullback and retest you can make your SL tighter. As always happy hunting and Keep It Simple Stupid
Note
Alert as always we do not enter once price has hit these alerts. For a better entry to avoid less drawback drop down to the lower timeframe to comfirm the intrayday trend to be more preciseNote
Price has now broken above the channel on the daily and 4h. The weekly candle is showing a green candle as will but it is very small In order for a buy trade to come we need the daily to close above and retest channelNote
Price for GBPJPY has broken above the daily wedge before and corrected itself back down this ccould be a fake buy signal and I will continue with my original analysis until the close of the daily candle
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