In the post on Breakout Knocking at GBPJPY?, we saw a symmetrical triangle on a weekly chart and anticipated 2 possible breakouts – Bullish breakout or Bearish breakout.
Now, we see a possible breakout on the hourly chart of GBPJPY which is forming a Symmetrical Triangle.
If it breakout from the Triangle to the upside, then it will have to break out the horizontal resistance at 141.41 in order follow on a bullish up trend.
Likewise, for a bearish breakout, the horizontal support at 139.47 will need to be contended to resume the long term down trend.
