ZuluTrade Blog

Market View

GBPJPY creates a potential Rising Wedge!

Friday, January 26, 2018 8:50 AM GMT

GBPJPY is gradually heading higher and is keeping the upside momentum. Earlier today, GBP Gross Domestic Product (QoQ) (Q4) was better than expected (Previous: 1.7%, Forecast: 1.4%, Actual: 1.7%) while later we are expecting, BOE's Governor Carney speech and Bank of Japan Governor Kuroda Speech. Therefore, the market anticipates high volatility during those events.

Regarding the trading view of the pair, the daily bias is strongly bullish; however, it creates a rising wedge, meaning a bearish pattern. Heading to the H4 TF, there is a potential price-trading map following the rising wedge pattern. Although traders should be very cautious as the agenda is full of news today.



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