GBP/JPY Triangle Consolidation May Lead To Bullish Breakout

2 min read
Davinwu

Davinwu

Author

Dear Traders,

The GBP/JPY is experiencing an intra-week triangle consolidation. Bullish indicators may set the pair up for a possible bullish breakout.

The POC zone is 129.73-47 [D L3, Weekly Cm, 3/8], with our trigger confirmed with candlestick closes making teh T89 pattern. T89 is formed when price rejects the 89EMA. A bullish W pattern also adds to the confluence as T89 is made at a point where is rejects from teh heart of the W pattern.

Targets are 130.10 [D L3, W L3, 5/8, ATR H2]. Should price make a strong close above this level, the next target would be 130.40 [D H4, 6/8], eventually reaching 130.85 [D H5, W H4, 7/8, ATR Projection High, Triangle Swing High].

For this analysis to be valid, price should not close below 128.70 zone [Trendline, D L4, ATR L1, W L3]

The analysis has been done with the
CAMMACD.MTF template.
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Many green pips,
Davin Wu

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