GBP/JPY
I may have identified head and shoulders pattern in this pair, however the Yen has been consistent in gaining strength and is being considered as a 'safe haven' for traders. I do believe that the trend would be very hard to breakthrough the 132. gap even-though the chart shows the breakage of the 131. barrier a few times. If the trend breaks 132.250 only then would I be considering holding the long. However the trend may reverse if bounced off first target to second target point. If also the trend reverses and bounces off target 1 and breakthrough ascending wedge the trend may continue to target 2.
Current point: 131.020
Opening point: 131.020
Target point: 132.250
Exit point: n/a
Current point: 131.020
Opening point: 131.020
Target point: 132.250
Exit point: n/a
Trade closed: target reached
Trade closed: target reached
target 2 reached 134. barrier to hit from 132.25
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.