GBPJPY Rising wedge Formation

23 Oca 2021

As clearly seen price is moving nicely within a daily channel, price found support around the 137.330 level which was previous acting as resistance, and since price has been in an inner Rising wedge pattern approaching a resistance point at 142.300 psychological value, bullish momentum has been depleting as price approaches this level, price is currently in a symmetrical triangle on the 1 hour Timeframe, I'd be look for a bearish confirmation on the 4hour or Daily timeframe to confirm my short bias with a Risk to Reward at 1:5 RR, put a stop loss of 86 pips (142.797) and a Potential Take profit of 441 pips(137.519), price might fall back for a 4the touch of the outer trend line before we see more bullish momentum to the upside.