GBPJPY Bull Flag on Trend Resistance

Since the end of last week GBPJPY has been riding along it's trend resistance (red line) forming a bullish flag. A break above 142.082 could give the pair a run potentially to the 145.5 level.

However, if the pair continues to run along it's descending trend resistance breaking through my shorter term trend support (blue line) I'd be biased to the short side and a test of the 137 area.

It may be best to avoid this pair all together though due to the expected high impact news coming from the courts this week in regards to Brexit.

Yorum:

I've entered a position on GBPJPY. Long based on a breakout high from the bullish flag formation described above. You can find the trade linked in the Related Ideas below.