GBP/JPY is currently at a Monthly Resistance of 145.000. Each time GJ came to this Psychological Number price rejected. Currently GBP/JPY is consolidating between 145.000-144.200. You could Short this now for a 1-1 Risk-To-Reward Ratio but this wouldn't be ideal. This is what I'm waiting for before Shorting this.
-4HR BREAK OUTSIDE OF 144.200
-RETESTING 144.200 PREVIOUS SUPPORT TO TURN INTO NEW FOUND RESISTANCE.
-CLOSURE OF REJECTION CANDLE.
(FIRST TARGET WILL BE AROUND 142.500)
-4HR BREAK OUTSIDE OF 144.200
-RETESTING 144.200 PREVIOUS SUPPORT TO TURN INTO NEW FOUND RESISTANCE.
-CLOSURE OF REJECTION CANDLE.
(FIRST TARGET WILL BE AROUND 142.500)
Note
4HR Break has happened. just waiting for a 4her rejection candle to close.Note
Ignore that^ Thought this was GBPAUD. Here's an updated version of GBPJPY. Looking for it to come to the Downtrend (78.6 fib) and Daily rejection candle to close. There is a chance it will break however, so we will wait for a break and retest on 147.500
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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.