POSSIBLE BEARISH CONTINUATION GBP/JPY (4HOUR)

10 thg 6, 2016

GBP/JPY has recently broken out the bottom of an ascending wedge pattern after a false breakout a little while ago. A close below 153.687 could set up an aggressive entry opourtunity with mind to a continuation after a retest and continuation of previous support/resistance zone. The more conservative entry would be to wait for a break and close below the original breakout retracement at 152.942. Targets would be the 1.27 extension at 149.951 and the 1.618 at 146.182. bare in mind the base of the wedge comes slightly before target 1 so depending on your plan you may have to adjust targets depending on your rules.