Hello Traders and Welcome! Today's Update on the GBP/JPY Pair:
Previously, the analysis indicated an Inverted Head and Shoulders pattern, suggesting a possible turning point. However, the pair deviated from this pattern by breaking through the trendline resistance at 182.437. This breakout indicates the formation of a potential Dragon pattern.
Trade Setup:
In this setup, stop orders are placed above the breakout bar at 182.805.
Stop Loss (SL): 182.805
Targets:
127% Fibonacci Extension of CD: 180.186
100% Fibonacci Extension of CB: 178.114
The Dragon pattern suggests a potential downtrend with these target levels.
Previously, the analysis indicated an Inverted Head and Shoulders pattern, suggesting a possible turning point. However, the pair deviated from this pattern by breaking through the trendline resistance at 182.437. This breakout indicates the formation of a potential Dragon pattern.
Trade Setup:
In this setup, stop orders are placed above the breakout bar at 182.805.
Stop Loss (SL): 182.805
Targets:
127% Fibonacci Extension of CD: 180.186
100% Fibonacci Extension of CB: 178.114
The Dragon pattern suggests a potential downtrend with these target levels.
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