Hi everyone:
GBPJPY just like other JPY pairs have shape up for a nice sell opportunity.
We see price dropped down from previous continuation structure, and begin to form a large, deep correction structure.
As price slowly correct itelf up toward the top of the structure, we see an expanding ascending channel, also giving us extra confluence for a reveral.
The last bit of price action had a short move up but quickly retraced back down to form a smaller correction on lower time frame.
I would look to enter when price confirmed a breakout from this small structure.
Looking to the lows of the larger structure on the higher time frame.
Thank you
GBPJPY just like other JPY pairs have shape up for a nice sell opportunity.
We see price dropped down from previous continuation structure, and begin to form a large, deep correction structure.
As price slowly correct itelf up toward the top of the structure, we see an expanding ascending channel, also giving us extra confluence for a reveral.
The last bit of price action had a short move up but quickly retraced back down to form a smaller correction on lower time frame.
I would look to enter when price confirmed a breakout from this small structure.
Looking to the lows of the larger structure on the higher time frame.
Thank you
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