• Vasily Trader

GBPJPY: How to Catch a Bullish Wave

GBPJPY is trading in a bullish trend for more than a year.

The price is steadily growing within a major rising parallel channel on a weekly time frame.

Reaching 158.0 level the market started a correctional movement.

The price started to fall within a falling wedge pattern.

Being closer and closer to a support of a major channel the market may start growing soon.

Your confirmation to buy will be a bullish breakout of resistance of the wedge on 4H.

You need at least 4H candle close to confirm the breakout.

Initial goal will be 155.9

In case of a bearish breakout of a support of a weekly channel,

the setup will be invalid and bearish continuation will be expected.

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