GBP/JPY, Ascending Triangle forming
Hey guys,
The red line was the top of a Descending Triangle, and now the bottom of an Ascending Triangle indicating that this is a strong resistance point.
Furthermore, most of the time the trend line side of a triangle breaks, so that's why I think the following pattern will happen.
The purple line is the bottom of the Ascending Traingle and a possible turning point.
If, you zoom out you can see a giant orange channel. Because, these channels sometimes work like a magnet it is even possible that the market will go back inside of this channel or bounce of it.
Kind Regards,
Khaine
The red line was the top of a Descending Triangle, and now the bottom of an Ascending Triangle indicating that this is a strong resistance point.
Furthermore, most of the time the trend line side of a triangle breaks, so that's why I think the following pattern will happen.
The purple line is the bottom of the Ascending Traingle and a possible turning point.
If, you zoom out you can see a giant orange channel. Because, these channels sometimes work like a magnet it is even possible that the market will go back inside of this channel or bounce of it.
Kind Regards,
Khaine
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