GBPJPY is going for a channel half median line test
On the Monthly GBPJPY chart, we can see that the instrument is trying to reach Andrew’s Pitchfork long-term uptrend channel first half median line test near 160. A confirmed break above this level would lead to an extreme upside continuation. This resistance is aligned with the uptrend rising wedge line dating back from 2020. A rejection here would lead to a big pullback all the way down to 145.
On a Weekly chart, we can see a new uptrend Pitchfork channel formed that is confirming a strong uptrend but with a limitation of 156.230 which gives us first an opportunity for a swing-down short trade. You can go short at the market with the stop loss just above 157 to target 149 level lower. Long trade entries are not advised here unless we see a confirmed break above the 157
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.
LIVE TRAINING ONE ON ONE 10% OFF FINAL SALE!
Andrews Pitchfork trading analysis education + One-month Premium membership
