GBPJPY ! False breakout of range support. Growing up 🤠

GBPJPY is trading sideways. This range is formed after a globally strong weakening of the national currency. The currency pair is growing strongly and reaching its maximum values.

On the chart, we see that the price is testing the support of the 161.49 range with a false breakout and returning to the long zone relative to the level. There is potential for growth to the resistance zone.

I assume that if the price manages to consolidate above the level of 161.49, there is every chance that in the short term the price will reach the local liquidity zone of 165.27.

Sincerely, R. Linda!