FX:GBPJPY   British Pound/Japanese Yen
98 0 8
I had previously analyzed this pair which had formed a bullish Shark pattern and it behaved as expected, hitting my Take Profit level:

GBP/JPY; 5 Wave Visible & Shark Pattern Indicates Higher Prices

The same Shark transformed into a bearish 5-0 pattern, which on the first encounter caused a deep and sudden decline. The area I have shown on the chart is a formidable resistance and if the bulls fail to break it until 19th of October, I think lower levels are awaiting this pair. The trigger for selling should be the break down of the ascending channel .

On the other hand, break up of the resistance area should pave the way for reaching the upper boundary of the channel.

Good luck,

Ali Sharif Azadeh, CFTe
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