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- GBP/JPY Price Analysis: A shakeout of longs could be imminent
GBP/JPY Price Analysis: A shakeout of longs could be imminent
- GBP/JPY building up the base for a significant downside breakout.
- Bearish wedge formation is potentially at an extreme and the market could be due for a shakeout of longs.
As per the prior analysis, GBP/JPY bulls are on the move early doors, eyes on central bank divergences, GBP/JPY moved in on the liquidity pool target and subsequently sold off aggressively.
GBP/JPY prior analysis
GBP/JPY live market
The price is now back into the old wedge formation following a spike through resistance in what could be termed as a fake-out that simply went to grab more liquidity from an area that was previously marked as a target for the open.
At this juncture, there is a bias to the downside and a break of 154.40 opens the risk of a test to 154 the figure as the last defence of a potentially significant downside breakout of the bearish wedge formaton.
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