beginner trader analysis- GBP/JPY
Resistance line: It is defined as the highest high that the price has reached. No price has touched it since that high.
Price struggling to come up: The price has attempted to move upwards but faced difficulties in surpassing the resistance line.
Bearish breakout: The price eventually broke out in a bearish direction, meaning it moved downward.
Consolidation between trend lines: After the bearish breakout, the price entered a phase of consolidation, moving within two trend lines.
New support level: During the consolidation phase, the price established a new level of support, indicating a potential reversal in the downward trend.
Price rise and bullish touching of trend line: The price started to rise, and some candlesticks touched the trend line in a bullish manner, suggesting that the price is increasing and consolidating between the two trend lines.
Potential continuation of the upward trend: Based on the analysis, if the price continues to consolidate between the two trend lines, it is predicted to continue its upward movement.
It's important to note that this breakdown is based solely on the information provided and may not accurately reflect the current market conditions. Additionally, trading analysis can be subjective, and it's always recommended to use multiple indicators and consult with a professional before making any trading decisions.
Price struggling to come up: The price has attempted to move upwards but faced difficulties in surpassing the resistance line.
Bearish breakout: The price eventually broke out in a bearish direction, meaning it moved downward.
Consolidation between trend lines: After the bearish breakout, the price entered a phase of consolidation, moving within two trend lines.
New support level: During the consolidation phase, the price established a new level of support, indicating a potential reversal in the downward trend.
Price rise and bullish touching of trend line: The price started to rise, and some candlesticks touched the trend line in a bullish manner, suggesting that the price is increasing and consolidating between the two trend lines.
Potential continuation of the upward trend: Based on the analysis, if the price continues to consolidate between the two trend lines, it is predicted to continue its upward movement.
It's important to note that this breakdown is based solely on the information provided and may not accurately reflect the current market conditions. Additionally, trading analysis can be subjective, and it's always recommended to use multiple indicators and consult with a professional before making any trading decisions.