GBPJPY Cyclical sell opportunity

It's been quite long since we had a short-term trade (see chart below) on the GBPJPY pair:


This time we found an excellent long-term sell opportunity on the 1W time-frame. As you can see it is cyclical in nature having emerged by the rejection of the price on the Higher Highs trend-line of the 4-month Ascending Triangle.

The cyclical characterization stems from the comparison with the October 18 2021 rejection on a similar Ascending Triangle Higher High trend-line. The whole structure of the two fractals looks very much alike as they both started off with an aggressive expansion phase that led to the Triangle. The Higher High rejection then, led to a 1W MA50 (blue trend-line) test. We are aiming for that same 1W MA50 test, expecting it to make contact with the bottom of the Ascending Triangle at 178.500.

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