GBP/JPY - Neutral (Risk Off) Downward wedge 4 HR Chart
Waiting on Japanese session reaction to GBP pullback. (PatiencePays)
If there is a breakout off the downward wedge (Long position)
Take profit 1: 140.000 (Resistance & just below 50% Fibonacci Retracement)
Take Profit 2: 142.650 (fibonacci Retracement 61%)
Fundamentals affecting decision:
Long Position positive news on trade war negotiations and continuation in reversal of the DOW/S&P 500.
Short position wedge continuation (Risk Off) Safe Haven Currency considering the uncertainty in the market.
If there is a breakout off the downward wedge (Long position)
Take profit 1: 140.000 (Resistance & just below 50% Fibonacci Retracement)
Take Profit 2: 142.650 (fibonacci Retracement 61%)
Fundamentals affecting decision:
Long Position positive news on trade war negotiations and continuation in reversal of the DOW/S&P 500.
Short position wedge continuation (Risk Off) Safe Haven Currency considering the uncertainty in the market.
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.