A LONG TRADE SETUP ON GBPJPY
HI Traders,
GBP/JPY's bullish rally seems to be running out of fumes and price is beginning to the move towards the downside.
📌 Currently, the price is forming up a nice bearish wedge pattern
in the 8H chart of GBP/JPY.
📌 The bearish trend could either be forming up or the bearish is simply accumulating order to make another bullish spike toward the upside.
📌 Though the price is yet to break below the 4weeks range yet, but still it's best to wait and see where the market will be heading towards.
📌 Technically, a break above the Wedge upper band might initiate a bullish run and of the price break below the wedge lower band the market could start a new bearish momentum.
📌 Stay on a watchout.
GBP/JPY's bullish rally seems to be running out of fumes and price is beginning to the move towards the downside.
📌 Currently, the price is forming up a nice bearish wedge pattern
in the 8H chart of GBP/JPY.
📌 The bearish trend could either be forming up or the bearish is simply accumulating order to make another bullish spike toward the upside.
📌 Though the price is yet to break below the 4weeks range yet, but still it's best to wait and see where the market will be heading towards.
📌 Technically, a break above the Wedge upper band might initiate a bullish run and of the price break below the wedge lower band the market could start a new bearish momentum.
📌 Stay on a watchout.
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UPDATE ON GBPJPY
