GBPJPY - Potential descending triangle on the Daily timeframe
Trade plan:
I am looking for buys from 162.000 to ride price up to exhaustion where I will then be looking for sells
Weekly:
Price has double topped on the weekly time frame, hasn't broken the high of 168.710 or the low of 155.609, so technically still in an up-trend from a macro perspective, when also looking at the monthly chart GJ has plenty of room for movement to the upside to revisit previous highs.
A break and close above (ii) would be ideal to see price then retrace and continue pushing up
Daily:
Price is ranging between 161.500 and 166.000, it does appear to be forming a descending triangle which could see price revisit recent lows of 158.000 if price closes below 160.000. Alternatively a break and close above (i) would be a failure of this pattern.
Lower time frames:
Price has attempted to double top the 167.855 however fell short on the second rally up at 167.444. Price has continued ranging ever since, reaching low of 160.367 however no break and close below 160.000
I am looking for buys from 162.000 to ride price up to exhaustion where I will then be looking for sells
Weekly:
Price has double topped on the weekly time frame, hasn't broken the high of 168.710 or the low of 155.609, so technically still in an up-trend from a macro perspective, when also looking at the monthly chart GJ has plenty of room for movement to the upside to revisit previous highs.
A break and close above (ii) would be ideal to see price then retrace and continue pushing up
Daily:
Price is ranging between 161.500 and 166.000, it does appear to be forming a descending triangle which could see price revisit recent lows of 158.000 if price closes below 160.000. Alternatively a break and close above (i) would be a failure of this pattern.
Lower time frames:
Price has attempted to double top the 167.855 however fell short on the second rally up at 167.444. Price has continued ranging ever since, reaching low of 160.367 however no break and close below 160.000