Assuming price does not break 1.12 level, we can expect it to reverse downwards making a good opportunity for short entries. TP set at previous consolidation levels.
- Look for signal to go short. - Stop above the last high. - Trade invalid once price breaks CL.
Price hit 136.00 FX:GBPJPY 3 times and held. If it breaks below then I think there is a good chance of price reaching S1.
Thoughts in the chart. Second scenario seems more likely.
My (primitive) view.: - broke H4 downward trend channel - short-term trade - target 1.11995 All views/comments/criticisms welcomed and I thank you in advance.