GBPJPY: The price is still in the MAIN CHANNEL
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🟢Forex Pair:
GBP/JPY
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been moving following a strong trendline, bouncing few times on its dynamic support.
It has currently reached an interesting S/R area that rejected the price many times in the past.
In the daily time frame, the price is still moving with a clear bullish movement, without giving us any sing of weakness.
It has currently reached a strong resistance zone and the dynamic resistance of its ascending channel.
In the h4 time frame, on the 18th of January, the price got a strong positive impulse that moved it up until the weekly resistance zone. The next price action around that level will be essential to understand the next market movement.
🔴Conclusion:
During the last 2 days, the price has been moving with a really strong impulse, breaking through the daily S/R level at about 141.243 and getting easily about 200 pips.
I'm confident to see the price getting a retracement and eventually I'll see a proper rejection on the current level, I'll start planning my short trade until the next support zone at about 141.243.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
GBP/JPY
⚪Technical Analysis:
In the weekly time frame, since March 2020, the price has been moving following a strong trendline, bouncing few times on its dynamic support.
It has currently reached an interesting S/R area that rejected the price many times in the past.
In the daily time frame, the price is still moving with a clear bullish movement, without giving us any sing of weakness.
It has currently reached a strong resistance zone and the dynamic resistance of its ascending channel.
In the h4 time frame, on the 18th of January, the price got a strong positive impulse that moved it up until the weekly resistance zone. The next price action around that level will be essential to understand the next market movement.
🔴Conclusion:
During the last 2 days, the price has been moving with a really strong impulse, breaking through the daily S/R level at about 141.243 and getting easily about 200 pips.
I'm confident to see the price getting a retracement and eventually I'll see a proper rejection on the current level, I'll start planning my short trade until the next support zone at about 141.243.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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