RLinda ! GBPJPY-> Rising Triangle. Waiting for a breakout?

25 oct 2022

GBPJPY is in a global uptrend phase, due to the weakening of the yen and a difficult economic situation on the back of rising inflation, settlement efforts and other factors

On the global chart, we see a gradual growth and a smooth transition to the sideways range between resistance 168,500 - 158,500, the price around resistance is forming a consolidation, for a possible breakdown

On the local chart we see a local rising price channel and price entry range between 169.344 - 165.546,
Between the local highs and lows the price forms an ascending triangle against the resistance 169.34. The buyers show their strength and form a pre-breakdown trading, waiting for a breakdown.

In the nearest future I expect breakdown of resistance with further growth, the medium-term target is resistance 174.5

Regards R. Linda!