Wedge GBP/JPY (Daily)

FX:GBPJPY   British Pound / Japanese Yen
98 0
Look for the break of 175.4 support. If this level breaks, retests and continues to plough through,we might see a massive bearish reversal take shape. We shall wait and see in the coming days if the dragon bounces on this strong support or destroys it (where the motherlode can be reaped).

- Potential R/R @3
- Potential TP @ 171.75, 169.486, 167.981 and 163
- Short below neckline (175.4)
- Long above neckline if neckline (strong support) is tested and reverses

*There was a smaller head and shoulders top bearish reversal fulfilled on 2014-01-04 (shown in the chart)
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