GBP/JPY About to Face the Daily Channel
Good morning traders! Today we bring you a medium-long-term analysis on GBP/JPY, as it is in a situation that is worth evaluating.
🔸We see that the price has been moving inside the ascending channel for about a year.
🔸Although the general direction is bullish, it has been in a consolidation for several weeks.
🔸Now, what we are waiting for is a touch of the Ascending Trend line.
🔸Once this happens, we are going to pose the two possible scenarios.
🔸The first situation involves a rebound from the trend line and an upward movement, the target of which is the Resistance zone.
🔸If there is not enough demand in the area and the trend line is penetrated, we will consider the bearish view. If this happens, we will look for a retest + rejection towards the next support zone.
🔸We see that the price has been moving inside the ascending channel for about a year.
🔸Although the general direction is bullish, it has been in a consolidation for several weeks.
🔸Now, what we are waiting for is a touch of the Ascending Trend line.
🔸Once this happens, we are going to pose the two possible scenarios.
🔸The first situation involves a rebound from the trend line and an upward movement, the target of which is the Resistance zone.
🔸If there is not enough demand in the area and the trend line is penetrated, we will consider the bearish view. If this happens, we will look for a retest + rejection towards the next support zone.
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