J_Graystone
Long

GBPJPY Previous Structure Potential Trend Reversal

FX:GBPJPY   British Pound/Japanese Yen
331 0 11
As we push down into previous structure support , im expecting to see some relief at this level.
Looking at the 4 hour chart, we can see the market is putting in this descending wedge formation putting in lower lows, with the RSI putting in higher Lows.
This is known as "Hidden Divergence"
Typically the market will break out to the upside from the descending channel so break out traders will be paying close attention to this one.
For more conservative traders, if you drop to the 15, you will see market has put in a DB             so you may be waiting for a 2618 or more confirmation that market is likely to reverse.

We will be watching this pair in our live trading room this morning as we drop down our analysis.
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