GBPJPY pair H4 timeframe. This pair is also creating a divergence with RSI. As usual at a strong support zone created by 140.301 & 139.789.
This zone is also a strong zone which is likely to hold the price. If you switch to daily timeframe, the price is on the way to create a double-bottom formation which is also a sign of reversal.
If we switch to weekly time frame then the price is creating an ascending-flat-top triangle after a downtrend. And to be specific, the price is now on the lower ascending trend line which again indicates a possible reversal. I'm going for long at 140.95 with stop loss few pips below the support zone.
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Sunday 20 August 2017
GBPJPY pair is creating ascending triangle in weekly
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# GBP/JPY
# GBPJPY
# S&R-RSI Divergence
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S&R-RSI Divergence
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S&R-RSI Divergence
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