KashMarkets

Potential Short Opportunity GBPJPY

FX:GBPJPY   British Pound / Japanese Yen
Hello Traders
On the daily timeframe we have a pennant pattern.
We are expecting price to react at the trend-line resistance and with confluence of a zone of structural resistance in this area.
Going into the 4hr timeframe, we have a Bat pattern which completes at 161.77. This is where we enter short.
Furthermore, we will be keeping an eye on RSI for continuing signs of overbought conditions or divergence.
TP1:158.78
TP2:156.81
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