GBP/JPY Short Based on Trendline, Wedge and Channel
GBP/JPY Weekly: The pair broke the weekly rising trendline (red) and retested it again. This fact together with the bearish wedge pattern on the daily can make for a nice trade setup.
GBP/JPY Daily: The pair made a bearish wedge on the daily timeframe, which can easily send the pair down to the blue daily channel once the wedge breaks.
Fundamentals: JPY may indeed appreciate against the GBP which adds significance to this setup, with the coming Brexit news and US-China trade talks (JPY is a safe-haven and appreciates in times of political uncertainty).
GBP/JPY Daily: The pair made a bearish wedge on the daily timeframe, which can easily send the pair down to the blue daily channel once the wedge breaks.
Fundamentals: JPY may indeed appreciate against the GBP which adds significance to this setup, with the coming Brexit news and US-China trade talks (JPY is a safe-haven and appreciates in times of political uncertainty).
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