So looking at GBPJPY, we have an obvious impulse, correction, and so now we are looking for another impulse. However, price action has created a descending reversal channel which indicates a push to the upside.
However, looking at the charts, I believe it still favors selling opportunities as selling this pair would mean entering with the selling momentum.
BUT if we do get a reversal, this could imply that a bigger structural reversal pattern may be forming!
However, looking at the charts, I believe it still favors selling opportunities as selling this pair would mean entering with the selling momentum.
BUT if we do get a reversal, this could imply that a bigger structural reversal pattern may be forming!