Hello Traders and Welcome! Today's Update on the GBP/JPY Pair:
Previously, the analysis indicated an Inverted Head and Shoulders pattern, suggesting a possible turning point. However, the pair deviated from this pattern by breaking through the trendline resistance at 182.437. This breakout indicates the formation of a potential Dragon pattern.
Trade Setup:
In this setup, stop orders are placed above the breakout bar at 182.805.
Stop Loss (SL): 182.805
Targets:
127% Fibonacci Extension of CD: 180.186
100% Fibonacci Extension of CB: 178.114
The Dragon pattern suggests a potential downtrend with these target levels.
Previously, the analysis indicated an Inverted Head and Shoulders pattern, suggesting a possible turning point. However, the pair deviated from this pattern by breaking through the trendline resistance at 182.437. This breakout indicates the formation of a potential Dragon pattern.
Trade Setup:
In this setup, stop orders are placed above the breakout bar at 182.805.
Stop Loss (SL): 182.805
Targets:
127% Fibonacci Extension of CD: 180.186
100% Fibonacci Extension of CB: 178.114
The Dragon pattern suggests a potential downtrend with these target levels.
Note
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.
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.