Trade_Wind
Long

GBPJPY Long Opportunity on Rising Wedge

FX:GBPJPY   British Pound / Japanese Yen
Since reaching a low of 124.786 in October of last year, GBPJPY appears to have ranged in a rising wedge with stable highs at around 148.00, and rising lows, most recently at 139.529
In support of the identified chart pattern, we find that RSI has consistently provided reliable buy and sell signals within this pattern, striking into (or close to) oversold territory at every low, and overbought territory whenever price ticks towards 148.
I will seek to enter a long position at 142.00, the point at which price will reach the rising trend line , i will however only enter the trade should RSI provide a confirmation signal by penetrating oversold territory.
Stop loss will be placed at 138.750, which would signal a pattern breakdown
Take Profit will be placed at 153. which corresponds to the .236 fib extension level, and may provide resistance during the next up move.
Best of luck!
TW

Comment: Still awaiting a more convincing drop, and a good OS signal on the RSI, current pattern could indicate a bullish move from this point, in which case the trade conditions originally stipulated may not be fulfilled, more likely is that this is a brief retrace on its way lower. Time will tell!
Best of luck!
TW
Comment: I still maintain there could be some more ranging for GBPJPY, and so far have not entered a trade. It will be interesting to see whether the pair gives resistance at 148 a serious test in the next week.
TW
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