Price has been in a sideways pattern that has consumed more than 3 years by this point. What seems interesting is to make a case for the downside comes to live on the lower timeframe and more recent price action. We will discuss this in detail later but for now let us say that we expect a future price target in the near vicinity of 124.00, if price moves above our recent high in the 140.00 region this trade idea invalidates.
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The chart got mixed with my USDJPY, all the analysis of price regarding this and the next dissected idea on H4 reference GBPJPY chart, only the name was mistaken, sorry for the inconvenience.
