This week GBP/JPY has moved higher breaking through several resistance lines. However, the resistance where price is now might be the toughest of challenges to break for Cable bulls. We will closely monitor what price will do. Also, we can see longer wick with current 4H candle that spiked through resistance but eventually came back to other side of resistance. It is too early to tell if that is signaling us about momentum switch. However, both of our favorite indicators RSI and Stochastic are well above overbought area.
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Let us know what you think about this idea and don't be shy to leave a comment as we always try to reply to them :)
Don't forget to follow us here and like our ideas as it helps to grow our channel.
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