GBPJPY analysis

GBPJPY

The currency pair is trading in the range of the upper limit of a descending price channel on the weekly timeframe (W1).

GBPJPY analysis: monitor the price movement in real time.

On the H1 timeframe, an ascending M15 level pattern is truncated, and Stochastic Oscillator signals an overbought condition. The probably ascending M15 pattern is the B wave of the descending H1 level pattern.

Trading recommendations:

Sell when a descending wave pattern is formed, where the wave (aC) breaks through the inclined channel of the ascending truncated pattern.

Stop Loss for the local maximum.

Target levels: 138.00; 137.23.