Mahtab_Tradia

GBPJPY Reversal Pattern?

Short
FX:GBPJPY   British Pound / Japanese Yen
Price is moving in an uptrend and after a significant rise we can see some weakness and price failed to make a higher high.

It seems like price is making a descending triangle. Descending triangles can occur at the end of an uptrend as a reversal pattern. They also happen in downtrends as a continuation pattern.

In daily time frame, we can see that today’s candle has broken the body of the yesterday’s candle and is facing downside pressure.

There is a support level (yellow line) at 167.580 which is also the lowest price for yesterday. If price breaks this support strongly, we can expect a drop towards the green levels at 166.700 and 165.200

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