GBPJPY SHORT SETUP
GBPJPY has been a very active pair for weeks and months, following structures while giving easy signal and means of banking 100's of pips.
January 30, I analyzed a LONG SETUP about price breaking above the DESCENDING TRIANGLE with the target at 148.00, also on February, 14th I shared another LONG SETUP talking about how the WEDGE PATTERN on 1H chart will set the price higher to the target @ 148.00 which is also the horizontal resistance zone from 2019.
On Friday price hit our target, the horizontal resistance zone which also aligns with the resistance ray of the ascending channel inside which the price has been trading since December 2020 and reject sharply, which make the daily candle close as a pinbar, and also 4H pinbar, another retest of the resistance holding will make a double top and signal a SELL STOP with the target at the support ray of the ascending channel @ 145.30
While a rotation above the horizontal resistance with retest holding will set the price higher.
January 30, I analyzed a LONG SETUP about price breaking above the DESCENDING TRIANGLE with the target at 148.00, also on February, 14th I shared another LONG SETUP talking about how the WEDGE PATTERN on 1H chart will set the price higher to the target @ 148.00 which is also the horizontal resistance zone from 2019.
On Friday price hit our target, the horizontal resistance zone which also aligns with the resistance ray of the ascending channel inside which the price has been trading since December 2020 and reject sharply, which make the daily candle close as a pinbar, and also 4H pinbar, another retest of the resistance holding will make a double top and signal a SELL STOP with the target at the support ray of the ascending channel @ 145.30
While a rotation above the horizontal resistance with retest holding will set the price higher.
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