💷💴GBP/JPY Continuation of declines.
💷💴As written in the title I will give you my downtrend perspective on this pair.
💷💴Looking at how the price has been declining over the last two days. We can safely conclude that a new wave of strengthening of the Japanese yen is in progress.
💷💴Ahead of us there is a very strong support set on the basis of up to three fibo levels. The first is the level of 0.236 of the entire upward wave from the bottom of 2020 to the peak of 2022. The second is the level of 0.5 of the entire downward wave from the peak of 2015 to the bottom of 2020. The last level is the level of 0.886 of the entire upward wave from the bottom of 2000 to the peak of 2007.
💷💴It is not often that a support zone is based on as many as 3 such strong levels.
💷💴I have marked 2 resistance zones above. In the description I will focus on the one closest to the price.
💷💴It was determined based on a cluster of two fibo levels. The first is the 0.618 level of the entire downward wave from the 2015 peak to the 2020 low. The second is the 0.382 level of the entire downward wave from the 2007 peak to the 2011 low.
💷💴These are the current nearest zones between which the price is likely to operate.
💷💴Looking at the big picture, the scenario I am playing out is to continue the decline to the support zone and watch how the price will behave there. I am aware of the possibility of a correction at any time, this should be taken into account, If the outlook would change I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
💷💴 *Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
💷💴As written in the title I will give you my downtrend perspective on this pair.
💷💴Looking at how the price has been declining over the last two days. We can safely conclude that a new wave of strengthening of the Japanese yen is in progress.
💷💴Ahead of us there is a very strong support set on the basis of up to three fibo levels. The first is the level of 0.236 of the entire upward wave from the bottom of 2020 to the peak of 2022. The second is the level of 0.5 of the entire downward wave from the peak of 2015 to the bottom of 2020. The last level is the level of 0.886 of the entire upward wave from the bottom of 2000 to the peak of 2007.
💷💴It is not often that a support zone is based on as many as 3 such strong levels.
💷💴I have marked 2 resistance zones above. In the description I will focus on the one closest to the price.
💷💴It was determined based on a cluster of two fibo levels. The first is the 0.618 level of the entire downward wave from the 2015 peak to the 2020 low. The second is the 0.382 level of the entire downward wave from the 2007 peak to the 2011 low.
💷💴These are the current nearest zones between which the price is likely to operate.
💷💴Looking at the big picture, the scenario I am playing out is to continue the decline to the support zone and watch how the price will behave there. I am aware of the possibility of a correction at any time, this should be taken into account, If the outlook would change I will publish a post with an update, so I encourage you to actively follow the profile and read the description carefully.
💷💴 *Please do not suggest the path I have drawn with the lines this is only a hypothetical scenario.
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
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💲 To keep up to date with all my activities I invite you to visit my Telegram 💲
💲 t.me/Investmatez 💲
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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.
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💲 To keep up to date with all my activities I invite you to visit my Telegram 💲
💲 t.me/Investmatez 💲
🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌🌌
💲 To keep up to date with all my activities I invite you to visit my Telegram 💲
💲 t.me/Investmatez 💲
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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.