GBPJPY downtrend channel since 1979

FX_IDC:GBPJPY   British Pound / Japanese Yen
Chart speaks, downtrend channel with a HUGE rising wedge completion near the channel top.

Here is the weekly chart that also shows a bearish div that might get triggered at the channel top and rising wedge .

Sell order pending at 198.1 TP could be as crazy as FIB 0.382 retracement and that is almost 2000 pips!
SL at 199, but you have to know your own pain level and decide how much you want to risk for this BIG move.


Looks interesting.
+1 Reply
ElPatron.Y IvanLabrie
Thank you Ivan, If this isn't peaked I don't know what peaked is then. A HUGE rising wedge on weekly TF, completing near downtrend channel with bearish div!
+1 Reply
IvanLabrie ElPatron.Y
I think it's about to reverse, but shorter timeframes will provide the best entry.
I'd look at daily, 4h and hourly.
+2 Reply
ElizaBay IvanLabrie
I took short this morning. So what is the first target? 50% retracement is at 185.200 so can I say it's the first target?
on the daily 190.95 should offer good initial support the top is looking good on various timeframes giving it a strong resistance, the 185.20/35 area should be the 50% retracement of the daily fibo retracement , i like the set up as well a short for me up here too but need to be careful on stop a break and very little resistance until 214.30/50 on weekly ...good luck
I think shorting here is a bit too early, but you know your money management better than I do.
IvanLabrie ElPatron.Y
Maybe one more spike up.
Totally agree with this, I trade divergence on RSI + Momentum which I'm seeing on Daily, 4HR and 1HR charts now, so only a matter of time before it falls
+1 Reply
ElPatron.Y EvanJones
Thank you for you comment, just wait for pefect entry and don't rush!
+1 Reply
EvanJones ElPatron.Y
Think technically all GBP pairs are due a big retracement looking at GBPNZD, GBPCAD and EURGBP
+1 Reply
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