Falling Wedge Shows Long-Term Bullish Trend on GBPJPY
We can see a falling wedge forming on this pair starting from around mid-December, so this is likely foreshadowing a major bullish turn for the pair. There may be some minor consolidation at the 1st target, but I believe that the pair will rally back to pre-Brexit levels due to their independent economic strength. Of course this is barring any major news regarding the actual secession.
All things considered, the entry should be a little higher than normal for these patterns to account for anomalous and otherwise false reversal signals.
Will update with setup as the trade becomes more realistic.
All things considered, the entry should be a little higher than normal for these patterns to account for anomalous and otherwise false reversal signals.
Will update with setup as the trade becomes more realistic.
Comment:
Structure and prediction holding up very well; Still monitoring this closely.
Trade active
Comment:
Target 1 reached after a whopping 1270 pips. Hopefully some of you were able to catch the ride up!