GBP/JPY price action on the 4H timeframe has formed a very convincing bearish flag. Price has been trading between 136.4 and 135.4 since the bearish impulse from last week. We are anticipating that this is a current zone of consolidation before the next bearish impulse to the downside. Once we get a break and close below structure at approx. 135.3 (or lower) we will be looking to enter short. First target after entry would be 134.4 and then 132.3.
If price closes above the range at 136.4 this analysis would be invalid. Happy trading guys 🙌! Lets make it a great end to the week.
If price closes above the range at 136.4 this analysis would be invalid. Happy trading guys 🙌! Lets make it a great end to the week.