GBPJPY Catching S/R traders on the wrong side of the market
Here is my analysis on GBPJPY and why i believe price action is so important. The typical support & resistance trader would buy after retesting its previous High. However what is important to see from this analysis is how price action gets to that point of price. Price was in an ascending channel, in that channel a sideways channel followed, breaking out from that followed another ascending channel breaking above its " Double Top " . Waiting for the right signal, in this instance it was the break of its consolidation coming up to its third touch. I believe GBPJPY will be bearish for some time and will be looking for more scale in opportunities such as continuation flags . Aiming for the bottom of the structure if we get a break of its bigger ascending trend that it is currently in to confirm Further Bearish Movement.
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