GBP/JPY currency pair analysis 28.01.2022

The currency pair fluctuates between 365 and 135 downbound moving averages. The ascendant wave structure is truncated. Awesome Oscillator indicates bearish divergence, and Stochastic Oscillator signals overbought conditions.

Trade idea: 

Sell when the descendant wave structure forms, where a wave (A) breaches through the inclined channel of the ascendant truncated pattern.

Stop-loss beyond the local maximum.

Target levels: 153.00; 151.80.

Author: GC
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