The upwards trend has clearly been broken, once the 200 ema crosses this trend level on the 1hr chart i feel like we will test and break the previous low. Potentially heading to a previous resistance level of 27.000 before a long rebound back upwards. Let me know your opinions…
We can see a nice head and shoulders pattern forming, watch for a breakout around 160.000. Two short trades are shown on this chart with one being a shorter term, both with fantastic potential. Depending on external circumstances i see GBPJPY heading potentially to retest previous resistance lines.
As you can see by this graph, there are clear indications that we are in a downward channel, however also in a smaller upwards channel with potential of breaking out if the trend is broken. I have shown this by two possible scenarios where it either rebounds off the larger downward trend channel and goes onto creating a higher low then eventually starting its true...
