The GBPJPY Presently Setting Up for a Sell Position.
The GBPJPY broke out of an ascending channel; with an attempt to retest broken structures. It was held up by her present resistant line to the close of the market week.
On opening of the new market week, two scenarios may likely playout:
(1) GBPJPY may immediately break through the present resistance and go long for about 72 pips to retest structure channel structure.
(2) GBPJPY may retrace back from present resistance line to form a double bottom before pushing straight back up for the retest.
In any case, just wait for the retest to be done before entering for a sell position that may run for about 400 pips to the downside.
On opening of the new market week, two scenarios may likely playout:
(1) GBPJPY may immediately break through the present resistance and go long for about 72 pips to retest structure channel structure.
(2) GBPJPY may retrace back from present resistance line to form a double bottom before pushing straight back up for the retest.
In any case, just wait for the retest to be done before entering for a sell position that may run for about 400 pips to the downside.
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