Another quick post. This time it's the GBPJPY currency pair.
GBPJPY has been in a triangle consolidation pattern since January and it looks like the pattern is coming to an end. This is what the daily chart looks like:
As the triangle consolidation pattern is now coming to an end, we should be anticipating a breakout and continuation of trend. It is my belief that the breakout will most likely be to the upside because the longer term trend is bullish. Also, the most recent candle on the daily chart has been a fairly strong bull candle.
I'll be keeping an eye on the UK GDP tomorrow as this could be a catalyst for the breakout tomorrow. If the breakout occurs to the upside then I will look to get long on a Fibonacci retracement.
But for now, we must be patient and the most important thing is to anticipate that there will be a trend soon and that we must be ready to take advantage of it.
Good luck!
The Trainee Speculator
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