Razvan

GBPJPY - False Break or just a retest?

FX:GBPJPY   British Pound / Japanese Yen
Look at this interesting situation. On a daily chart it is pretty obvious that the price broke the upper line of a descending triangle, but now bears are pushing the price lower. On a 60 minutes chart we can see that the price has moved sideways for a while, but now there are signals that it can continue to move lower. A break below the local support could signal a drop towards 38.2.But the question is: will it stop at this level, to be considered a retest on the triangle's line, or it will continue lower?

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