GBPJPY Ready for a Channel Breakout?
Hey traders,
We can expect a breakout from the channel to the upside.
Nice bounce on monthly support (double bottom) and now close to weekly resistance.
Good risk reward ratio RRR if you take entries on lower time frame.
You will most likely get a retest of the channel resistance after breakout (resistance becomes support).
If we don't see a breakout to the upside, use retest of channel support becomes resistance for short entry.
If this was helpful, give a thumbs up and follow me for more. Thanks!
Let me know if you have any questions in the comment section.
Happy trading,
Johan
We can expect a breakout from the channel to the upside.
Nice bounce on monthly support (double bottom) and now close to weekly resistance.
Good risk reward ratio RRR if you take entries on lower time frame.
You will most likely get a retest of the channel resistance after breakout (resistance becomes support).
If we don't see a breakout to the upside, use retest of channel support becomes resistance for short entry.
If this was helpful, give a thumbs up and follow me for more. Thanks!
Let me know if you have any questions in the comment section.
Happy trading,
Johan
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