GBPJPY has experienced a nice rally bouncing off support near 176.00 and broke through trendline resistance that formed a descending triangle. The pair currently hit resistance around 181.28 and is retracing. My guess is that we will see a retest down to 180.899 (dashed green line) where we have intermittent structure (which also matches with a 0.382 retracement). Then we will see a continuation of the bullish rally up to AB=CD completion at 183.27, which is also near the descending triangle target. There is also structure at this level (dashed blue line).
Trade wisely, Trade responsibly.
Constructive Suggestions/Comments are always welcomed.
Trade wisely, Trade responsibly.
Constructive Suggestions/Comments are always welcomed.