The GBPJPY pair ended its recent bullish rally by achieving some gains and reaching 166.40, followed by Diving bearishly towards 162.75, hinting its surrender to the stability of the major barrier around 166, which will hinder the attempts to resume the bullish attack in the near term and medium term period.
Also, stochastic exit from the overbought areas will force the price to provide new negative trades that might push it to settle within the bearish channel again, to suffer some losses by moving towards 161 and beyond...
BUYING SCENARIO:
For now point to consider will be 162.75 as a major support...if hold (Buying Scenario) 163.80 will be my first target (Resistance) and if broken then 167 will be confirmed.
SELLING SCENARIO:
again point to ponder will be 162.75 as support and if broke downside then 161.10 will be my target and if broken too then we'll see further nose dive
Trade Wisely.
Also, stochastic exit from the overbought areas will force the price to provide new negative trades that might push it to settle within the bearish channel again, to suffer some losses by moving towards 161 and beyond...
BUYING SCENARIO:
For now point to consider will be 162.75 as a major support...if hold (Buying Scenario) 163.80 will be my first target (Resistance) and if broken then 167 will be confirmed.
SELLING SCENARIO:
again point to ponder will be 162.75 as support and if broke downside then 161.10 will be my target and if broken too then we'll see further nose dive
Trade Wisely.
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t.me/adil7313
public group: 📊Social Network For All Traders
📊Monthly 2K+ Pips
📊Forecasts & Analysis
📊#GOLD Signals
public group:
t.me/steroidsfx1
