Get started
British Pound / Japanese Yen
Short

GBPJPY: Short Term Resistance Area

By TheAnonymousBanker
Updated
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
Comment
Like if our updates make you happy
Comment
As long as the price action remains below the trendline, it should reach 167 areas in the short term.

snapshot
Trade closed: target reached
tp1 hit 💗
snapshot
Comment
As long as price remains below the trendline, short-term trend remains bearish with the next stop around 166.80. Bullish above 167.80.

snapshot
Trade closed: target reached
short term target hit! 💗

snapshot
Comment
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…

snapshot
Comment
snapshot
Comment
snapshot
Comment
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.
snapshot
Comment
🔔 Help us reach 50 Likes to keep posting updates next week...
abcpatternelliottwaveprojectionElliott WaveelliotwaveanalysisForexforexsignalsGBPJPYresistenceTrend AnalysisWave Analysis
TheAnonymousBanker
🔴 Trading Room=> 🌐 patreon.com/AnonymousBanker
Also on:

Related publications

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.