The pair has a great potential to push higher and duplicate the first up wave. Now the downtrend line has been broken and we can get a fantastic risk;reward ratio out of this setup.
Wait for the price to correct itself a bit and look to buy near the red horizontal line or slightly lower. The setup would be invalidated if the price crosses the last swing low around 1.8250.
As long as the bearish trend line holds the price we can expect the GBPJPY to continue lower. There is a potential double wave up correction, forming on the H1 chart.
We should follow the up trend line and most recent support for a break. If successful we may consider going short.
