GBPJPY In a Triangle Pattern

In the 4H chart, The main trend is an uptrend which is in a correction phase in the form of a big triangle pattern which upper side has been tested three times and the lower side twice.

Now, price is at the edge of the pattern’s upper side. On the other hand, another triangle pattern in the form of a bullish flag(pennant) is being creating.

For entering any position, let’s wait for the little triangle pattern to be broken out:

Bullish Scenario: IF the pattern broken out to the upside, we can enter long after the pull back but be careful about the resistance level at 152.25

Bearish Scenario: IF the little triangle pattern broken out to the downside, we can expect a fall to the lower side of the big triangle which is an ascending trend line too.