GBPJPY long opportunity
Updated
Price has put in a corrective wedge pattern that has seemed to recently broken out of and is currently retesting. IF bullish momentum can carry through I wouldn't be surprised to see bulls try and retest the recent highs. This would be an area where a potential head & shoulders pattern sets up. If buyers push through then I would expect to see price continue up to the 154 area where the -23.6 profit targets for our previous bullish impulse moves are located. One caveat to this...price has tried and failed twice to move on to, and maintain, new highs. Each time higher prices were rejected.
Trade closed: stop reached
There was too much bearish pressure from the failed attempts at maintaing new highs.
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