If it breaks the lower support & Sustain, possible targets are mentioned in the charts..
And ADX is in strong selling mode. If everything goes well as per our prediction, will get 100+points..
All the Best.. Have a Profitable Trade..
GBP / JPY is very close to where a fall may occur. The pair is currently in a descending triangle pattern. The buying force was amortized by the downtrend line. With the arrival of the bears with the selling force, a low candle was formed. We expect the bear kick to be strong enough to send the pair close to the support level.
- Price touched a few times...
GBP/JPY is currently stalled in a descending triangle pattern.
The recent upsurge has been capped by the resistive trendline.
It faced rejections initially but now formed a follow-through bearish engulfing candle.
Hence, we expect the bears to hop in here and send the pair spiralling down to the support level of 143.833.
I love trading breakouts with lot of confluences. This long entry was a no brainer. Everything lined up as per my preference. Diagonal + Horizontal Breakout on Price as well as RSI. Good volume and a big green candle with almost no major pullbacks on lower time frames.
Entered Long 2360CE at 58 near close.
SL at .5ATR which is ~2300 on Spot and 29 on 2360CE...