GBPJPY inverse H&S to indicate further upside movement?
As seen from the 4H chart, price has been ranging in a rising wedge pattern and did not manage to break downside despite showing weakness.
Price has now broken upside from the pattern and we can observe that an inverse H&S pattern has formed.
Looking at further upside towards 151.8 and possibly to 152.730 range.
TP 1 has been set as there is a confluence of fib. extension (1.0 projection) and TP 2 is set as a typical H&S profit taking strategy (distance from head to neckline).
Should price continue its upward momentum past TP 1, take note of 152.140 as it would be a crucial point being a 61.8 DAILY fib. retracement level.
Disclaimer: Content discussed is solely for informational purposes only and shall not construe an offer or solicitation to engage in any activity regarding the subject matter.
Price has now broken upside from the pattern and we can observe that an inverse H&S pattern has formed.
Looking at further upside towards 151.8 and possibly to 152.730 range.
TP 1 has been set as there is a confluence of fib. extension (1.0 projection) and TP 2 is set as a typical H&S profit taking strategy (distance from head to neckline).
Should price continue its upward momentum past TP 1, take note of 152.140 as it would be a crucial point being a 61.8 DAILY fib. retracement level.
Disclaimer: Content discussed is solely for informational purposes only and shall not construe an offer or solicitation to engage in any activity regarding the subject matter.
Trade closed: target reached:
TP 2 - Nicely hit
A good 200 pips at TP 2
A good 200 pips at TP 2
Let's see if we are able to reach TP 2!