Get started
VeerForex12

Broken Trendline and Minor Resistance Trendline

Short
British Pound / Japanese Yen (FX:GBPJPY)  
VeerForex12  
FX:GBPJPY   British Pound / Japanese Yen
Trend Analysis Chart Patterns Fundamental Analysis GBPJPY TRENDLINERETEST trendlneresistance Rising Wedge priceaction Trend Line Break
0
0
trendanalysis chartpattern fundamental gbpjpy trendlineretest trendlneresistance risingwedge priceaction trendlinebreak
The price has been moving up for a very long time now and it has formed a rising wedge in the H4 timeframe. However, we can see that the price has gotten out of the trendline and did a retest to it with the GBP News release, it is also respecting the minor trendline's resistance that has been formed in the H1 timeframe.

Price has the potential to move down from here to cover the previous imbalances but please allow confirmation candles in the M30 or M15 with beautiful price action signs.

Never risk more than 0;5% risk per trade, trade with proper risk management.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.