GBP/JPY at a critical point: Buy/Sell or do nothing?
GBP/JPY is at a critical level. In the daily chart, you can see that price is quite overstretched and a
correction is necessary. However, in the 4H chart, price has rebounded from the dynamic support in
the 168 level. So, it is important to exercise some caution.
168 is the key level. If this level holds, then price may continue to keep going higher. However, if 168 breaks
with a strong bearish candle, we can see a fall till 165.
My personal recommendation is to wait and watch. I would consider selling if GBPJPY reaches 172 again because
that level has been established as a resistance. Initial TP would be at 168
correction is necessary. However, in the 4H chart, price has rebounded from the dynamic support in
the 168 level. So, it is important to exercise some caution.
168 is the key level. If this level holds, then price may continue to keep going higher. However, if 168 breaks
with a strong bearish candle, we can see a fall till 165.
My personal recommendation is to wait and watch. I would consider selling if GBPJPY reaches 172 again because
that level has been established as a resistance. Initial TP would be at 168
Comment:
As expect price is going towards 171