FXtrades-gp

GBPJPY: The price is still in the MAIN CHANNEL

Short
FX:GBPJPY   British Pound / Japanese Yen
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🟢Forex Pair:
GBP/JPY

Technical Analysis:
In the weekly time frame, since March 2020, the price has been moving following a strong trendline, bouncing few times on its dynamic support.
It has currently reached an interesting S/R area that rejected the price many times in the past.

In the daily time frame, the price is still moving with a clear bullish movement, without giving us any sing of weakness.
It has currently reached a strong resistance zone and the dynamic resistance of its ascending channel .

In the h4 time frame, on the 18th of January, the price got a strong positive impulse that moved it up until the weekly resistance zone . The next price action around that level will be essential to understand the next market movement.

🔴Conclusion:
During the last 2 days, the price has been moving with a really strong impulse, breaking through the daily S/R level at about 141.243 and getting easily about 200 pips.
I'm confident to see the price getting a retracement and eventually I'll see a proper rejection on the current level, I'll start planning my short trade until the next support zone at about 141.243.

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⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️

Trade Safe and Responsibly,
Gianni

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Comments

What a drop! Cheers brother
+2 Reply
FXtrades-gp Investroyllc
@Investroyllc, many thanks guys! :)
Reply
Target reached! Sniper trade! Congrats!
+1 Reply
FXtrades-gp MountainTraderFX
@MountainTraderFX, oh, thanks so much! yup, we closed our trade! :)
Reply
Quality work!
+1 Reply
FXtrades-gp TopTradingSignals
@TopTradingSignals, many thanks guys, I really appreciate your feedback!
Reply
Lovely, nice work.
+1 Reply
@abel11, Thanks so much abel! :)
Reply
Nice chart analysis, thanks for sharing
+1 Reply
FXtrades-gp Mahtab_Tradia
@Mahtab_Tradia, you're welcome! hopefully it will be useful!
Reply
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