GBP/JPY to fall to target level 137.366 in 5 days

by Admin

As can be seen from the following trade opportunity alert that I received today, for GBP/JPY is set to reach the target level 137.366 in 5 trading days – as a consequence of the earlier breakout of the Rising Wedge chart pattern identified earlier by Autochartist on the daily charts (shown fully on the second chart below). Autochartist sets the stop-level for this forecast at 147.98 (B, the top of the recently broken Rising Wedge). The target level for this decline is set at 137.366. To reach this target level, GBP/JPY has to break the support level 139.2645 (A), which corresponds to the last upward reversal point of the support trendline of this Rising Wedge. The presence of the downward sloping moving average adds to the likelihood that this forecast will soon be realized.

GBPJPY

The GBP/JPY chart below gives the full view of the Rising Wedge chart pattern which is the basis of the above trade opportunity alert:

GBPJPY