Hello traders,
this update on the pair is from the previous analysis of the wedge pattern in play here. It showed a breakout to the top but has failed to continue above the 6 year highs it formed and now it is back in between the wedge. It is currently finding support at a minor trend line within the wedge. If we remain patient for it break out in either direction, it could give us a good opportunity to pick up some fat pips. The target for the pattern on the downside is around 182.70 which is also a minor resistance turned support. It is also few pips away from the fib 38 support from the recent up move from 168.00.
Sell the pair below the trend line around 187.20.
S/L above the minor trend line around 188.20
T/P at the wedge target at 182.70
Second target at natural support at 181.00
this update on the pair is from the previous analysis of the wedge pattern in play here. It showed a breakout to the top but has failed to continue above the 6 year highs it formed and now it is back in between the wedge. It is currently finding support at a minor trend line within the wedge. If we remain patient for it break out in either direction, it could give us a good opportunity to pick up some fat pips. The target for the pattern on the downside is around 182.70 which is also a minor resistance turned support. It is also few pips away from the fib 38 support from the recent up move from 168.00.
Sell the pair below the trend line around 187.20.
S/L above the minor trend line around 188.20
T/P at the wedge target at 182.70
Second target at natural support at 181.00
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SELL GBP/JPY
Prabhu.Ram
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