SHORT TRADE OPPORTUNITY FOR GBP/JPY
GBP/JPY on the 4H time period is consolidating within a rising wedge chart pattern and we are expecting the price to break to the downside given that this chart pattern is a bearish reversal pattern in price action. The breakout may happen anytime soon as we can predict from the over-bought signal coming from the stochastic indicator. We enter the trade at breakout of price from the downside of the pattern. Our take profit target is projected from the base height of the wedge pattern (153.01). And stop loss value is estimated immediately after entry. Good luck!
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.