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Joe_Keegan

POSSIBLE BEARISH CONTINUATION GBP/JPY (4HOUR)

Short
British Pound / Japanese Yen (FX:GBPJPY)  
Joe_Keegan  
FX:GBPJPY   British Pound / Japanese Yen
Bearish Patterns continuation GBPJPY gbpjpyshort short SELL AB=CD 4hour
3
0
bearish continuation gbpjpy gbpjpyshort short sell abcdpattern 4hour
GBP/JPY has recently broken out the bottom of an ascending wedge pattern after a false breakout a little while ago. A close below 153.687 could set up an aggressive entry opourtunity with mind to a continuation after a retest and continuation of previous support/resistance zone. The more conservative entry would be to wait for a break and close below the original breakout retracement at 152.942. Targets would be the 1.27 extension at 149.951 and the 1.618 at 146.182. bare in mind the base of the wedge comes slightly before target 1 so depending on your plan you may have to adjust targets depending on your rules.
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