GBPJPY has been in a major ascending channel which has formed it's own smaller channels within it forming a multi-level structure and it gives a good indication of following through for a completion and market sentiment seems to favor this as well.
Currently price is ranging on the inner 1Hour Timeframe channel and is showing signs of touching the lower inner trendline once more before taking off topside to the 152.500 area.
Of course, we shall be waiting for more confirmation as the trade plays out and we expect to see rejection candles when we reach the upper trendline acting as our resistance zone.
Completion of this price structure will give us a nice sell to the downside to the 150.100 zones and possibly lower still.
So for now we can take short term buys whilst we wait for the main sell trade ;)
Please like, comment and subscribe so you don't miss any trade ideas, and most importantly; grow in your trading !
Happy trading !
GBPJPY
Currently price is ranging on the inner 1Hour Timeframe channel and is showing signs of touching the lower inner trendline once more before taking off topside to the 152.500 area.
Of course, we shall be waiting for more confirmation as the trade plays out and we expect to see rejection candles when we reach the upper trendline acting as our resistance zone.
Completion of this price structure will give us a nice sell to the downside to the 150.100 zones and possibly lower still.
So for now we can take short term buys whilst we wait for the main sell trade ;)
Please like, comment and subscribe so you don't miss any trade ideas, and most importantly; grow in your trading !
Happy trading !
GBPJPY
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.