GBPJPY sell signal, Divergence, Rising Wedge!

The GBPJPY pair had a substantial rise from 130 levels to 135 levels, making higher high from the past few sessions. On the contrary, the RSI indicator is making lower lows, signaling bearish divergence which also means a reversal might be in place. Moreover, the pair made a rising wedge channel indicating high lows are made than higher highs, often resulting in a breakdown. In order to enter the trade wait for the prices to break below the lower trend line at around 134.50 with first target set for the pair at 133.260 which also coincides with the 50 day moving average. In case of persistent selling second target for the pair will be around 131.860. The Stop loss is set at 136.383.

Comment:

1st target achieved !