GBP/JPY SHORT ANALYSIS (WEDGE, 38.2 FIB, RESISTANCE, DOUBLE TOP)
Hello guys, here are 4 factors that make me think this pair could go down
- Price has been respecting descending trendline as a resistance
- Formation of an ascending wedge
- 38.2 % fib in sync with with trendline resistance
- Double top (M30) in game
- Possible short position down to base of the wedge, then price could struggle to break through these levels, but with the potential to reach 134.20 support level in the long term
- Price has been respecting descending trendline as a resistance
- Formation of an ascending wedge
- 38.2 % fib in sync with with trendline resistance
- Double top (M30) in game
- Possible short position down to base of the wedge, then price could struggle to break through these levels, but with the potential to reach 134.20 support level in the long term