GBPJPY possible longs

19 nov 2017

GJ has been in an uptrend for the entire year recently setting the high in September. The 4h timeframe has recently established a descending wedge which is a bullish breakout pattern. On the 1h timeframe a bullish engulfing confirmed at the bottom of the descending wedge, at a daily trendline, and in a support zone. Overall expectation for GJ is for it to continue the uptrend possibly to the yearly high. All analysis and notes are outlined in the chart.