BabyPips.com FX-Men Team
BabyPips.com
GBP/JPY: 1-hour
Breakout alert! Much like our AUD/JPY bearish pennant setup yesterday, GBP/JPY is showing a triangle breakout in the making. This time around, a descending triangle is making itself known on the pair’s 1-hour chart. If you’ve read the School of Pipsology, then you’ll know that a descending triangle doesn’t always guarantee a downside breakout. A short trade around the 100 SMA and falling trend line could get you decent pips if you think that the pound is in for more losses against the yen. Of course, you could also wait for an upside break if you believe that the yen is done dominating its counterparts (or the pound) for now.
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