GBP/JPY Technical Analysis

Hello Price Action Traders.

GBP/JPY

The GBP/JPY has broken the resistance level at 172.800 that is also the upper line of an ascending triangle, a continuation pattern. After 4 days above the resistance, the pair formed a pin bar last Friday and turned back to the breakout area yesterday. We would expect a pullback at the support level. If the expected pullback turns into a bull trap, the pair will likely go towards the bullish trendline again.

 

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