GBPJPY: Short Term Resistance Area

20 thg 4, 2023

From a technical point of view, GBP/JPY pair has reached an important resistance area, that said, if the pair triggers a bearish leg, something like a ABC Pattern may appear. Above 167.40 the rally will continue 170 direction..

Trade with care! 👍 ...and if you think that my analysis is useful, please..."Like, Share and Comment" ...thank you! 💖
Cheers!
N.B.: Updates will follow below

20 thg 4, 2023

Ghi chú

Like if our updates make you happy

20 thg 4, 2023

Ghi chú

As long as the price action remains below the trendline, it should reach 167 areas in the short term.

20 thg 4, 2023

Đóng lệnh: đạt mục tiêu

tp1 hit 💗

20 thg 4, 2023

Ghi chú

As long as price remains below the trendline, short-term trend remains bearish with the next stop around 166.80. Bullish above 167.80.

21 thg 4, 2023

Đóng lệnh: đạt mục tiêu

short term target hit! 💗

21 thg 4, 2023

Ghi chú

Our analysis seems to have been correct (it's never easy to find a reversal area...) and our focus on trendline and channel worked well. That said, technically speaking, the bearish leg might find short-term support around 166.18/166 area, let's see…

21 thg 4, 2023

Ghi chú

21 thg 4, 2023

Ghi chú

22 thg 4, 2023

Ghi chú

Our support area seems to have worked properly, hence the pair has triggered a nice rally at the end of week. That said, as we see on hourly chart, the pair has not developed an easy corrective structure, still showing strength on the British currency in near term (Supporting this comment is the full recovery of daily candle).
Early next week will see major resistance area approaching and I expect some corrective (bearish) structure on intraday chart.

23 thg 4, 2023

Ghi chú

🔔 Help us reach 50 Likes to keep posting updates next week...