Please be advised, this is only my analysis of GBP/JPY. I am no professional trader and in fact, new to this. I am learning how to trade forex right now so don't make decisions solely off my charts but please do your own work. Feel free to use what I draw up as a baseline.
As seen, we have a nice uptrend since October 1, 2021 on GBP/JPY this is outlined by the green supporting line and the red resistance line. On October 5th and 6th of 2021, we can see resistance. where reversed and to later on Oct 7, 2021 around 0500 EST it started a new uptrend.
By adding a Fib Retracement to the chart we can see the 0.5 line was acting as a resistance on the chart. The only area to watch is the RSI which is pushing close to 75. Depending on the strength of the currencies we could see a reverse and a small pull back due to that.
As seen, we have a nice uptrend since October 1, 2021 on GBP/JPY this is outlined by the green supporting line and the red resistance line. On October 5th and 6th of 2021, we can see resistance. where reversed and to later on Oct 7, 2021 around 0500 EST it started a new uptrend.
By adding a Fib Retracement to the chart we can see the 0.5 line was acting as a resistance on the chart. The only area to watch is the RSI which is pushing close to 75. Depending on the strength of the currencies we could see a reverse and a small pull back due to that.