GBP/JPY is in a downward trending market, and price is currently being contained within a descending wedge. In the near term I anticipate price to pull back to the 38.2% retracement area before extending to lower prices and making its way down to the 127% fib extension area. I also anticipate that price will retest higher prices around 145.890 after this movement. As this is a descending wedge I anticipate price to have bullish movement eventually back to price of 150. Expect pullbacks. This trade idea is for educational and demonstration purposes only. Trade at your own risk.
TP1: 144.390
TP2: 142.356
TP1: 144.390
TP2: 142.356
Trade closed: target reached