Good morning traders! Today we find this interesting situation in GBP/JPY, as we see that the price is breaking the Descending Trendline of the consolidation.
Let's see the technical aspects:
🔸The corrective process that the price is in began approximately 5 months ago. It has been a bearish movement but with a sideways character.
🔸At this moment, we see a break to the upside of the trend line, and although it is a first bullish sign, we still have no confirmation.
🔸To confirm the potential change in trend, we should see a break of the last descending high (first resistance zone).
🔸If that happens, we will confirm our bullish view, and we consider that at that moment, the price would have the potential to reach the area of ​​the previous high.
Let's see the technical aspects:
🔸The corrective process that the price is in began approximately 5 months ago. It has been a bearish movement but with a sideways character.
🔸At this moment, we see a break to the upside of the trend line, and although it is a first bullish sign, we still have no confirmation.
🔸To confirm the potential change in trend, we should see a break of the last descending high (first resistance zone).
🔸If that happens, we will confirm our bullish view, and we consider that at that moment, the price would have the potential to reach the area of ​​the previous high.