GBP/JPY Confined In A Wedge/Flag. Potential Breakout On Horizon?
Just like its parents pair (GBPUSD), The pound is just consolidating at the moment and a potential break to the upside is on the cards!. What is preventing the breakout at the moment is that the price is confined in wedge. To add to the list of confluence factors a flag has also been formed and the violation of the upper trend line would see a GBP push to the upside.
The above daily GBPJPY chart represents the price being confined in a range!. A potential break to the upside would also break the dynamic resistance of 50 EMA in the process.
The above monthly chart represent the potential resistance that this particular pair may face after the breakout. Furthermore, this could be our TP level as well. The risk reward ratio on this is pretty good as well. It remains to be seen what happens in the near future and what GBP related pair could give us more feasible or excellent risk to reward ratio.
Any Signals will related to this post would be posted under this thread. If you like my analysis please help me with a LIKE and FOLLOW me for more future ideas and signals.
The above daily GBPJPY chart represents the price being confined in a range!. A potential break to the upside would also break the dynamic resistance of 50 EMA in the process.
The above monthly chart represent the potential resistance that this particular pair may face after the breakout. Furthermore, this could be our TP level as well. The risk reward ratio on this is pretty good as well. It remains to be seen what happens in the near future and what GBP related pair could give us more feasible or excellent risk to reward ratio.
Any Signals will related to this post would be posted under this thread. If you like my analysis please help me with a LIKE and FOLLOW me for more future ideas and signals.
