GBPJPY – Price Action Ascending Triangle Holds | May 12th

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GBPJPY – Ascending Triangle Support Holds
Yesterday in our members commentary, we talked about the GBPJPY potentially finding support at the ascending triangle / rising support line. Today the pair found this and buyers, jumping higher on the day. For now, this confirms the pattern is still in play, and buyers are for now willing to step in on dips.

Our Trade Idea: Watch for corrective price action pullbacks into the rising support line. Assuming the pair doesn’t breakout above the resistance first, I’ll look to buy on a weak pullback into the line, with tight stops below the line and the prior swing low from Friday. Upside targets are the triangle resistance line for now, and potentially a move towards the ‘big figure’ at 175.

gbjpy

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