The 1 hour tf of the GBP JPY is presented in this analysis with price action from ~August 14, 2018 to current date.
Price action closed below the 1 hour timeframe main uptrend line on October 14, 2018 indicating a possible termination of the uptrend.
Subsequent price action after the bullish move is captured using a downtrend price channel, which ideally implies further bearish action in the GBP JPY.
Conservative entry into a trade involves waiting for the bear channel to give way, and using its width to estimate the minimum projection of price action.
Price action closed below the 1 hour timeframe main uptrend line on October 14, 2018 indicating a possible termination of the uptrend.
Subsequent price action after the bullish move is captured using a downtrend price channel, which ideally implies further bearish action in the GBP JPY.
Conservative entry into a trade involves waiting for the bear channel to give way, and using its width to estimate the minimum projection of price action.
