GBPJPY was travelling in an ascending channel however it recently just broke out of the channel to the downside. Price has been performing very nicely inside the zones marked on the charts.
I expect price to rise up to the resistance area (142.800) it is currently underneath (142.1 - 142.8) where it will also touch the top of the new DESCENDING channel price has formed into for this rally down.
If we DON'T see price go back up to the resistance area and we see a clear break of the support marked out at 142.100 we could see a sharp drop down to our targets, even travelling straight down outside of the current descending channel .
MY TARGETS ARE AS FOLLOWS:
140.780
139.500
I expect price to rise up to the resistance area (142.800) it is currently underneath (142.1 - 142.8) where it will also touch the top of the new DESCENDING channel price has formed into for this rally down.
If we DON'T see price go back up to the resistance area and we see a clear break of the support marked out at 142.100 we could see a sharp drop down to our targets, even travelling straight down outside of the current descending channel .
MY TARGETS ARE AS FOLLOWS:
140.780
139.500
Trade active:
Price broke the closest support area due to fundamental data releases on the GBP pairs.
Retest of that zone and then a drop further is what we think.
Target 1 still yet to be reached
Retest of that zone and then a drop further is what we think.
Target 1 still yet to be reached