The GBP/JPY
has made a pattern known as the cup with handle, but the handle has not formed
yet. The price has retraced 100% to the 135.00 area, which is a price action
movement also known as a parabolic retracement. If the price breaks above the
135.00 level, then it may go and visit the 55 day EMA, around the 136.52 level.
Above the 55 day EMA, the 139.00 level may also act as resistance. In case of a
bearish bounce, the 132.00 level may act as support or the low at the 128.67
level.
The move to the upside continues.
ReplyDeleteI'll keep those levels in mind.
ReplyDeleteThanks for such an informative analysis.
ReplyDeleteWill keep an eye on these levels, thank you for pointing this out!
ReplyDeleteVery useful article.
ReplyDeleteGood analysis.
ReplyDelete