We can
clearly see on the weekly chart below of the GBP/JPY that the pair has been steadily
climbing and it is very close to reaching the 175.00 level, which has been its
highest high since December of last year. A possible visit of the price to this
zone is very important, because we may see a bounce from there to the downside.
Now that the price has broken above the 174.00 level, this same level could
become support; therefore, if we see a pullback to the 174.00 level, we may get
a good opportunity of a long entry around that zone expecting another bounce to
the upside.
great analysis ill be watching the price for an opportunity
ReplyDeleteI agree with the analysis, excellent point of view.
ReplyDeleteThank you for the analysis i'll keep an eye on the 174.00 level.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteGreat post . good job.
ReplyDeleteJPY weakness coupled with GBP strength will put the pair under further strain
ReplyDeleteI'm also very bullish on gbp/jpy
ReplyDelete