themarketzone

Fell after rising Wedge breakdown - What next?

FX:GBPJPY   British Pound/Japanese Yen
After almost a month of tight price action inside a rising Wedge pattern, $GBPJPY finally broke below this pattern after forming a double top near 195.
Now it has reached a minor daily resistance zone that could create some pullback that will allow to short it again from higher levels.

Before talking about the pullback, few words about the bearish scenario:
My final target level for $GBPJPY is the completion of the Bat pattern near 177 with the 200 MA also as a target level on the way down.

If the price will manage to find some support near 190, it may start a daily pullback following the latest decline and there are two zones to try and sell it again in case that it will rally higher.
1. 193- The 61.8 FIb level and the 50 SMA line
2. 195 - Triple top and a re-test to the broken wedge bottom (resistance).

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Tomer J,
The Market Zone - You trading Edge
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It's dead...we need a retracement to sell again (or sell, I didn't short yet)
Reply
themarketzone PRO IvanLabrie
a year ago
I'm watching USDJPY which is on support. I want to see that retracement to short it
Reply
IvanLabrie PRO themarketzone
a year ago
USDJPY: Update


GBPJPY: This might be it...


I think this is a great chance...hopefully we get a retrace!
+1 Reply
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