GBPJPY SHORT SETUP
GBPJPY: We did saw a strong rally with over 700pips move to the UPISDE since the break out in January above the 5years descending triangle which I was talking about October through December 2020, i believe this rally is healthy and worthy it considering the years it took before we had a break out.
Price is now back at the horizontal resistance level from 2018 @ 151.00, 151.50 zone, which also align with the resistance ray of the ascending channel outlined on the Daily chart with 2 touches at the support ray, 1 touch at the resistance ray.
I'll be looking forward to short this pair at the second touch of the resistance ray around 151.50 zone, targetting resistance zones price took out while moving up zones at 148.00, 144.00 to act as new support zone down the line.
WHILE a push above the ascending channel will signal more UPSIDE with target at next level of resistance @ 156.00 zone and possibly beyond
Price is now back at the horizontal resistance level from 2018 @ 151.00, 151.50 zone, which also align with the resistance ray of the ascending channel outlined on the Daily chart with 2 touches at the support ray, 1 touch at the resistance ray.
I'll be looking forward to short this pair at the second touch of the resistance ray around 151.50 zone, targetting resistance zones price took out while moving up zones at 148.00, 144.00 to act as new support zone down the line.
WHILE a push above the ascending channel will signal more UPSIDE with target at next level of resistance @ 156.00 zone and possibly beyond
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