GBPJPY Highly important trend-lines to watch.

The recent volatility on the GBPJPY pair has been extreme. This price action can only be traded on the long-term by taking break-out positions on key Support and Resistance levels.

As you see, the long-term trend has been a Channel Up ever since the March 2020 COVID bottom. Recently, the 148.600 - 149.000 Support Zone that has been holding since March 24 2021, was successfully tested and provided a massive rebound to the pair. On Monday this rebound hit the Higher Highs trend-line of 2022. As long as it holds, expect a pull-back towards the 1D MA50 (blue trend-line) and the 1D MA200 (orange trend-line), even the Internal Support of 160.000.

As per the 2021 fractal there are high chances of a rebound there but a weekly close below can put the bottom of the 2 year Channel Up to test again. Any time we close above the 2022 Higher Highs trend-line, consider a short-term break-out buy targeting the top of the Channel Up. This pattern can break to the upside if the 2.0 - 2.5 Fibonacci fractal seen at the end of each Higher Highs sequence is repeated again. In that case, take the Fib from the last low of 2022 and calculate the 2.0 - 2.5 extension zone.



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