Good morning traders! Today we find this interesting situation in GBP/JPY, as we see that the price is breaking the Descending Trendline of the consolidation.
Let's see the technical aspects:
🔸The corrective process that the price is in began approximately 5 months ago. It has been a bearish movement but with a sideways character.
🔸At this moment, we see a break to the upside of the trend line, and although it is a first bullish sign, we still have no confirmation.
🔸To confirm the potential change in trend, we should see a break of the last descending high (first resistance zone).
🔸If that happens, we will confirm our bullish view, and we consider that at that moment, the price would have the potential to reach the area of the previous high.
Let's see the technical aspects:
🔸The corrective process that the price is in began approximately 5 months ago. It has been a bearish movement but with a sideways character.
🔸At this moment, we see a break to the upside of the trend line, and although it is a first bullish sign, we still have no confirmation.
🔸To confirm the potential change in trend, we should see a break of the last descending high (first resistance zone).
🔸If that happens, we will confirm our bullish view, and we consider that at that moment, the price would have the potential to reach the area of the previous high.