GBPJPY did made a sideways break above the long-term Pitchfork channel
On the MONTHLY GBPJPY chart, we can see that the pair is breaking above the long-term downtrend Andrew’s Pitchfork channel resistance 153 and has bounced off the channel resistance retest 134 to extend higher. We saw a perfect bounce off this support.
On a Daily chart, we can see that the GBPJPY price action is a break above the Pitchfork channel upside resistance 130 with a confirmation. A break above 140.30 is perfect for the LONG trade entries. You could open a good RR long trade entry with the stop loss just below 140 if the pair confirm a breakout above 140. 300 to extend to 150.
We have used the combination of the top-down trading analysis to get these key levels explained in the charts. To learn more about Andrews’s Pitchfork tool trading strategy register for education.
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