The GBPJPY has been in a Rising Channel since October. Rising Channels tend to break to the downside. Today we finally got a break & Close out of the Channel on the 4hr Chart. This would be a longer term trade. Stop is 1 ATR above Breakdown Bar. Target is the measured move of the Channel (yellow line).
Trade is Activated on the Break & Close out of the Rising Channel on the 4hr Chart.. ONLY 2 outcomes can occur now:
1. Stops get hit. or
2. Targets get hit.