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lawlee9

GBPJPY - Potential Double Top Short

Short
British Pound / Japanese Yen (FX:GBPJPY)  
lawlee9 Updated   
FX:GBPJPY   British Pound / Japanese Yen
Trend Analysis Chart Patterns Wave Analysis
2
1
trendanalysis chartpattern waveanalysis
Price heading back to the resistance area for a potential double top.
- 5 wave completion at resistance, correction expected

Will have some slow movements and consolidation back down to support.

Expecting price not to break the neckline, and send this back to higher highs as I'm long term bullish

Mostly range trading here. Sell at the top, buy at the bottom.
Comment:
Price moved deeper than expected, but holding for now at support. Entered in a long from here with tight stops below the recent lows.
Still bullish on the pair, but must be weary of when we'll see the up move due to the impulsive down move we just saw.
Also, we have a monthly trendline (yellow trendline) that's should hold prices to the long side.

snapshot
Comment:
Monthly trendline is the one on the bottom where price bounced a few times.
Comment:
Closed recent trade. Waiting for 151.01

snapshot
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