GBPJPY (26th November to 30th November, 2018)

We have a confluence on this pair, i.e. a combination of more than one price action signals/patterns. A close look on the weekly time frame reveals a clear descending price channel coupled with a near-term support level at the price of 143.964.

Summary:  We’ll be keen to watch for reversal price action signals at this near-term support level to go long, unless the selling power pushes the prices on this pair further down, whereby we’ll rejoin the down-trend to the lower boundary of the price channel.