GBPJPY broke out of a well-respected upward trendline, followed by a retest of previous support levels now acting as resistance.
• Breakout Confirmation: Sharp drop after trendline violation.
• Key Zones Marked:
• Support #1 flipped to resistance.
• Previous Low acting as resistance.
• Multiple support zones at 188.60, 186.78, and 185.88.
This setup could present short opportunities if price rejects from resistance, targeting the lower support levels. A break above resistance may invalidate the bearish setup.
Watching price action around these levels for confirmation.
• Breakout Confirmation: Sharp drop after trendline violation.
• Key Zones Marked:
• Support #1 flipped to resistance.
• Previous Low acting as resistance.
• Multiple support zones at 188.60, 186.78, and 185.88.
This setup could present short opportunities if price rejects from resistance, targeting the lower support levels. A break above resistance may invalidate the bearish setup.
Watching price action around these levels for confirmation.
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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.