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GBPJPY Breaks Weekly Chart Triangle Resistance

GBPJPY Breaks Weekly Chart Triangle Resistance

Posted April 13, 2023 at 1:22 am
Darren Chu
Tradable Patterns

GBPJPY Breaks Weekly Chart Triangle Resistance

The GBPJPY is forming a daily Doji after yesterday’s daily Hammer/Doji, catching its breath after a rally extension from last week’s low.  Odds are decent for a test of the December high in April after decisively breaking this week above triangle resistance (on the weekly chart).  Any test of the 2022 high though will likely have to wait until May.  Bullish catalysts may arrive as soon as today 2am EST after the UK GDP, the US PPI and unemployment claims and Friday with the US retail sales and preliminary UoM consumer sentiment.  Congratulations to Premium Members alerted Sep 24, 2021 to the completing of the consolidation since the July peak.  The weekly and daily RSI, Stochastics and MACD are rallying.  I am flat after getting stopped out yesterday and am looking to re-enter long in the green zone (of the daily chart), targeting the red zone for Wednesday.  The amber/yellow zone is where I might place a stop if I was a swing trader (although in my personal account with which I seldom hold overnight I sometimes set my stops tighter).  Click here for analysis on GBPUSD, GOLD

The GBPJPY is forming a daily Doji after yesterday’s daily Hammer/Doji, catching its breath after a rally extension from last week’s low.

Source: Interactive Brokers TWS

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