GBPJPY – Testing the Range Once Again

Sep 8

GBPJPY has been stuck in a wide range between 198.00 (support) and 200.50 (resistance) for several weeks now.

🔻 Sellers continue to defend the upper boundary (red arrows).
🔹 Buyers are stepping in around the 198.00 demand zone (blue arrows).
📈 Price is currently rejecting the resistance area once more while also sitting above the rising trendline (red).

If the resistance holds, we could see a rejection toward the lower bound of the range. On the other hand, a clean breakout above 200.50 would be needed for bulls to take full control. 🚀

This setup makes GBPJPY one of the key pairs to watch in the coming days.

Disclaimer:
This analysis is for educational purposes only and does not constitute financial advice. Always do your own research and follow your trading plan before making any investment decisions.

📚 Stick to your trading plan regarding entries, risk management, and trade execution.

Good luck!

All Strategies Are Good; If Managed Properly!
~Richard Nasr

Sep 9

Trade closed: target reached