A LONG TRADE SETUP ON GBPJPY
Updated
HI Traders,
GBP/JPY's bullish rally seems to be running out of fumes and price is beginning to the move towards the downside.
📌 Currently, the price is forming up a nice bearish wedge pattern
in the 8H chart of GBP/JPY.
📌 The bearish trend could either be forming up or the bearish is simply accumulating order to make another bullish spike toward the upside.
📌 Though the price is yet to break below the 4weeks range yet, but still it's best to wait and see where the market will be heading towards.
📌 Technically, a break above the Wedge upper band might initiate a bullish run and of the price break below the wedge lower band the market could start a new bearish momentum.
📌 Stay on a watchout.
GBP/JPY's bullish rally seems to be running out of fumes and price is beginning to the move towards the downside.
📌 Currently, the price is forming up a nice bearish wedge pattern
in the 8H chart of GBP/JPY.
📌 The bearish trend could either be forming up or the bearish is simply accumulating order to make another bullish spike toward the upside.
📌 Though the price is yet to break below the 4weeks range yet, but still it's best to wait and see where the market will be heading towards.
📌 Technically, a break above the Wedge upper band might initiate a bullish run and of the price break below the wedge lower band the market could start a new bearish momentum.
📌 Stay on a watchout.
Note
UPDATE ON GBPJPY
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.