GBP/JPY - Neutral (Risk Off) Downward wedge 4 HR Chart
Waiting on Japanese session reaction to GBP pullback. (PatiencePays)
If there is a breakout off the downward wedge (Long position)
Take profit 1: 140.000 (Resistance & just below 50% Fibonacci Retracement)
Take Profit 2: 142.650 (fibonacci Retracement 61%)
Fundamentals affecting decision:
Long Position positive news on trade war negotiations and continuation in reversal of the DOW/S&P 500.
Short position wedge continuation (Risk Off) Safe Haven Currency considering the uncertainty in the market.
If there is a breakout off the downward wedge (Long position)
Take profit 1: 140.000 (Resistance & just below 50% Fibonacci Retracement)
Take Profit 2: 142.650 (fibonacci Retracement 61%)
Fundamentals affecting decision:
Long Position positive news on trade war negotiations and continuation in reversal of the DOW/S&P 500.
Short position wedge continuation (Risk Off) Safe Haven Currency considering the uncertainty in the market.