GBPJPY is unable to continue the uptrend. The price is breaking the price channel support, and the parabolic curvature can be interpreted as a set of short positions. The Japanese Yen continues to strengthen. GBP is forming a small correction since the Open of the session, and the Japnese national currency is accelerating northward.
The parabolic curvature that is forming on the chart can be explained as a set or increase of short positions by large players. Such a maneuver indicates a possible strong and prolonged decline in prices. But, the focus is on the sideways range 192 - 189. Despite the fact that the price has left the channel, it is still in the range and the mentioned support restrains the market from falling.
Resistance levels: 190.97, 192, MA-50
Support levels: 189
If the bears manage to break 189 and consolidate below, it will be the reason for the continuation of the decline to the global low. On D1 the price is pushing away from the strong zone and also shows bearish preconditions
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Trade active
Resistance 192 still holds the currency pair. Trading inside the range continues
We are waiting for a breakdown of the support
Trade active
It is possible to form a false breakout before further realization of the scenarioTrade active
If the cotton pair consolidates below 190.97, we can get ready for a reversal and price decline. Bears continue to hold the resistance at 192.0
Trade active
A reaction to a false breakout of resistance is being formedTrade active
Consolidation below 188.77 would be a good signal of willingness to continue to fall and move towards our target....Trade active
Consolidation is formed below the local minimum of 189.6Trade active
Trade active
Continuing to hold Trade active
Trade active
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
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.