The British Pound suffered losses against the Japanese Yen recently, as the latter one gained traction due to Greece exit fears. The GBPJPY opened with a gap lower, but later managed to close the gap. There is a wave duplication pattern forming on the hourly chart, and there is a bearish trend line formed as well. As long as the pair is below the highlighted trend line we can look for sell opportunities.
There is a support trend line formed on the hourly chart. If the pair breaks it we can enter a sell trade.
Technical Analysis
H1 – Potential Wave duplication pattern forming on the hourly chart. Bearish trend line that must be respected if the pair has to continue trading lower.
Entry:
H1 – We can enter a sell trade if the GBPJPY pair breaks the highlighted Bullish trend line and settles below it successfully.
Target 1: 189.20
Target 2: 188.50
Stop Loss: Above the bearish trend line on the upside.
Video Explanation:
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