Based on the 4-hour chart of GBP/JPY, the pair has been consolidating within a range after a significant decline from the 195.00 area. The currency is currently testing resistance around the 189.00 level, marked by the blue highlighted zone. We anticipate a temporary break above this consolidation zone as price completes a correction, which would offer an attractive selling opportunity. Traders should watch for price action confirmation after the break above the zone before entering short positions, as the broader trend appears to remain bearish.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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.
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.