GBPJPY is trading in a bullish trend for more than a year.
The price is steadily growing within a major rising parallel channel on a weekly time frame.
Reaching 158.0 level the market started a correctional movement.
The price started to fall within a falling wedge pattern.
Being closer and closer to a support of a major channel the market may start growing soon.
Your confirmation to buy will be a bullish breakout of resistance of the wedge on 4H.
You need at least 4H candle close to confirm the breakout.
Initial goal will be 155.9
In case of a bearish breakout of a support of a weekly channel,
the setup will be invalid and bearish continuation will be expected.
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Note
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✅Join My Telegram Channel: t.me/VasilyTrading
❗️YouTube Channel youtube.com/c/VasilyTrader
✅ Facebook: facebook.com/VasilyTrading/
⭐ My Forex & Gold Broker: bit.ly/vasilyforexbroker ⭐
❗️YouTube Channel youtube.com/c/VasilyTrader
✅ Facebook: facebook.com/VasilyTrading/
⭐ My Forex & Gold Broker: bit.ly/vasilyforexbroker ⭐
Related publications
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.