GJ Rising Wedge Break!
Here I have GBP/JPY on the 1 HR chart!
Price has been following what looks to be a Rising Resistance and Rising Support forming a RISING WEDGE!!
Early this morning on disappointment of GBP strength, we seen price BREAK BEARISH strongly on the pattern!!
I believe price is now retracing to the Rising Support of the Wedge to test as a VALID BREAK for confirmation that price will CONTINUE DOWN!!
*Currently waiting on the Re-Test of the Rising Support Break! Upon VALIDITY, I will be looking to SELL!
Price has been following what looks to be a Rising Resistance and Rising Support forming a RISING WEDGE!!
Early this morning on disappointment of GBP strength, we seen price BREAK BEARISH strongly on the pattern!!
I believe price is now retracing to the Rising Support of the Wedge to test as a VALID BREAK for confirmation that price will CONTINUE DOWN!!
*Currently waiting on the Re-Test of the Rising Support Break! Upon VALIDITY, I will be looking to SELL!
Note
Price is on its way back up to Retest! I'm looking for price to come into the ( 200.14 - 200.24 ) and upon appearance of rejection Validating the Break, I will take Sell Positions!
Note
BRC Retail Sales Monitor came in .4% Actual v 1.2% Forecast!Even though the .4% beats last months -4.4%, the .8% miss on the Forecast is helping GJ on its way to Retest the Break of Pattern!
Note
JPY Monetary Base y/y came in!.9% Actual v 2.2% Forecast!!
1.3% Miss on Forecast!
Trade active
Sell Entry @ 200.34SL @ 200.5
Note
Price pushed up to test the Break of Pattern!Already we are seeing rejection from Higher Prices!
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"An investment in knowledge will pay the best interest." - B. Franklin
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
Novi's Trading Channel
t.me/+l3fTcsZu91ZiZDkx
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.