GBP/JPY - Long - Technical Analysis
This is my technical breakdown on GJ.
GJ is in a bearish condition on the higher time frames, however, we've just had a strong breakout of a descending wedge (bullish pattern), caused by the UK electing their new Prime Minister.
Now we've had this break out, I'd be looking to go long on GJ on the retest which could happen at either 163.500 or 162.500, where price previously respected these levels as resistance. 162.500 offers the most confluences, but with this bullish strength, we could see GJ respect 163.500 - I'd be looking on the H1 timeframe for a rejection / indication that GJ wants to go long.
The UK electing a new PM, could be the catalyst to drive GJ higher breaking this years highs, however, I'd be looking to target 166. and 168.
If we get a break of 168, we could see price hit 170 or even 175. a very bold psychological level
GJ is in a bearish condition on the higher time frames, however, we've just had a strong breakout of a descending wedge (bullish pattern), caused by the UK electing their new Prime Minister.
Now we've had this break out, I'd be looking to go long on GJ on the retest which could happen at either 163.500 or 162.500, where price previously respected these levels as resistance. 162.500 offers the most confluences, but with this bullish strength, we could see GJ respect 163.500 - I'd be looking on the H1 timeframe for a rejection / indication that GJ wants to go long.
The UK electing a new PM, could be the catalyst to drive GJ higher breaking this years highs, however, I'd be looking to target 166. and 168.
If we get a break of 168, we could see price hit 170 or even 175. a very bold psychological level
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