GBPJPY on 4 Hour
Price previously broke out of the critical resistance zone to the upside after breaking the bullish flag pattern to set a new higher high & break through the major resistance zone. This previous week, price has formed a new higher low, & is retesting the critical zone as new potential support, which aligns with the fibonacci retracement of the last impulsive movement which indicated another confluence of confirmation.
Price formed a "Doji" indecision candlestick at the zone also which is a potential signal that buyers are preparing to step back into the market to push price up towards resistance above for a potential higher high to resume the uptrend movement.
Price formed a "Doji" indecision candlestick at the zone also which is a potential signal that buyers are preparing to step back into the market to push price up towards resistance above for a potential higher high to resume the uptrend movement.
Note
Note
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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.