GBPJPY Analysis (22nd May 2024)

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Market Analysis PT2/2 (22nd May 2024)

GBPJPY Analysis

On the 30 minute timeframe, we have created a very strong support at the 198.272 - 198.363 level, having more than 5 taps along the area and rejecting it.

There are 2 scenarios i am looking for.

1) Price breaks above the 198.615 level with a body candle close on the 15 minute. If we do have that, i will be looking for potential Buys ton continue the bullish move, given that it provides a retest of the 198.615 level.

2) Price breaks below the 30 Minute support with a body candle close. IF this happens, support fails and turns into resistance, this is where will be looking for a break and retest to continue lower towards the 197.800 level.