British Pound / Japanese YenUpdated GBP/JPY-4 Hour analysis
Hello everyone!
-On a 4-hour time frame, we can see that the price tested multiple times support area and then the price rejected and started moving in a bullish direction.
-If you put Fibonacci retracement you will see that the 50% level shows great resistance and if the price continues moving bullish we may expect retest on a 61.8% or 50% level.
-Today the price was moving in a bearish direction until the price tested support area and then went back in a bullish direction.
-On a daily base, GBP is weaker than JPY and on a 4-hour base, GBP is stronger than JPY.
-If GBP remains strong in future and JPY becomes weaker then we can expect bullish movement and if JPY gains more power and GBP loses its power then we can expect a continuation of bearish movement.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.
-On a 4-hour time frame, we can see that the price tested multiple times support area and then the price rejected and started moving in a bullish direction.
-If you put Fibonacci retracement you will see that the 50% level shows great resistance and if the price continues moving bullish we may expect retest on a 61.8% or 50% level.
-Today the price was moving in a bearish direction until the price tested support area and then went back in a bullish direction.
-On a daily base, GBP is weaker than JPY and on a 4-hour base, GBP is stronger than JPY.
-If GBP remains strong in future and JPY becomes weaker then we can expect bullish movement and if JPY gains more power and GBP loses its power then we can expect a continuation of bearish movement.
-WHAT DO YOU THINK ABOUT THIS SETUP?
Please let me know in the comment section!
THANKS FOR READING!
-If you have some different opinions please let me know and if you like this please hit that like button and give me support, I will appreciate every support.
-Remember this analysis is not 100% accurate. No single analysis is. To make a decision follow your own thoughts. The information given is not a Financial
advice.
Note
The price is in strong bearish movement!
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.
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.