GBPJPY has been trading in an uptrend since September 2020... A clear ascending channel is visible on the H4 time frame and seems the trend has been respected all along. Til off late, the pair has tested a significant resistance level, one it hasn't retested since April 2018.
We had just lowered our TF to 30mins, only to find an inverse head and shoulder pattern (with the left shoulder opening at resistance and the right shoulder closing at resistance, completing this formation). This could be confirmation for a short opportunity. Question is, how valid are price action chart patterns on lower time frames? Watch this pair play out to find out.
N.B. GBPJPY could be retracing, leading to an impulse move to the upside. A continuation of the current trend.
Entry Point 150.700, Stops 151.000 & Target 149.800
Trading ideas are subjective. Individual analysis advised.
We had just lowered our TF to 30mins, only to find an inverse head and shoulder pattern (with the left shoulder opening at resistance and the right shoulder closing at resistance, completing this formation). This could be confirmation for a short opportunity. Question is, how valid are price action chart patterns on lower time frames? Watch this pair play out to find out.
N.B. GBPJPY could be retracing, leading to an impulse move to the upside. A continuation of the current trend.
Entry Point 150.700, Stops 151.000 & Target 149.800
Trading ideas are subjective. Individual analysis advised.