Forex

GBP/JPY at the Crossroads

October 2, 2017

2 min read

tarantula fx

Head of Trading

Market research & company updates. No spam, we promise.

The GBP/JPY has been mostly ranging the last couple of days showing vertical price movement with a potential breakout from the consolidation triangle. There are 2 potential scenarios.

If the price breaks out above 38.2 and upper triangle trend line -150.86 then we might expect a breakout to D H3 -151.05 and above W H3/D H4 -151.40 zone. Above 151.40 we could see a breakout towards 152.16 zones. Breakout below 61.8 and lower trend line might get to W L1 150.44 D L3 150.29 potentially reaching W L3/D L4 144.90 zone.If it happens, the price will be trapped into the Andrew’s Pitchfork again that will turn the trend bearish.

andrew pitchfork bounce break breakout cammacd chart pattern Fibonacci fibs forex forex fibonacci forex setups forex trade forex trade setups fx fx setups FX trade fx trade setups GBP/JPY nenad kerkez polynomial channel price action patterns price patterns S&R setup support and resistance tarantula technical analysis trade setups trades trading trend lines triangle wave analysis zigzag