GBPJPY Sell Setup

Hello traders:

Looking at GBPJPY for bearish continuation price action.

We see price was correctively moving up in this parallel type of ascending channel, and from the top we see price impulse out of the channel.

Such strong momentum, breaking out impulsively will require a correction structure to continue the sell.

I see two possible scenarios:

-Price either made a corrective push up, forming a potential right shoulder for the H and S pattern and sell from the top

or

-Look for continuation correction now and enter once we see a confirm breakout from that structure

Look for the lows of the higher time channel structure as a potential long term target.

Thank you

Komen:

Komen:

Waiting for this correction to complete

Komen:

Look for more corrections to get in the sell down.