Sell GBPJPY CPI Data

The GBP/JPY pair on the M30 timeframe presents a potential selling opportunity due to a recent downward breakout from a well-defined bearish wedge pattern. This suggests a potential acceleration of the downtrend and a higher likelihood of further declines in the coming hours.

Key Points:

Sell Entry: Consider entering a short position (selling) below the broken support line of the wedge, ideally around 192.80. This offers an entry point close to the perceived shift in momentum.

Target Levels: Initial bearish targets lie at the following points:
190.72: This represents the height of the wedge, measured from the wedge's peak to the breakout point, projected downwards from the breakout.
190.20: This is a further extension of the downside target, based on the height of the recent price movement before the breakout.

Stop-Loss: To manage risk, place a stop-loss order above the broken support line of the wedge, ideally around 193.00. This helps limit potential losses if the price unexpectedly reverses and breaks back upwards.

Thank you.

トレード稼働中:

Weak UK Economic Data: The recent weak retail sales data and concerns about a potential recession in the UK continue to weigh on the Pound.

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