GBPJPY: Trend is still bullish

From a technical point of view, the trend is bullish on intraday chart, and GBPJPY pair could trigger another bullish leg in the short term. If we look on 1H chart, the price remains within a narrow trading range, and this means volatility compression. In this technical context, if the price remains above 184.552 a breakout on the bullish side should be logical. If this happens, we will need to look for potential Targets and in this case the formation of a Harmonic Pattern could help us. If we look at the harmonic structure (for us it's bullish) in the window, we see 2 Targets: 186.34 and 186.83.

HARMONIC PATTERN ZOOM
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TRADING STRATEGY
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If this analysis is correct, wait for the completion of wave 1 and try to take a long position on retracement, with stop loss below wave 1 or better below 184.552


Trade with care
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Comment:

🔴 Double Top Pattern or Bullish Breakout?

Comment:

🔴 Bullish Breakout

Trade closed: target reached:

Target 1 hit.

Comment:

🔴 Trend is still bullish
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Trade closed: target reached:

🚀 Target 2 hit
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Comment:

🔴 Trend is bullish