GBPJPY is probably running its last bullish uptrend before a bearish turn to 156 region. Overall I am still bearish biased on GBPJPY but this is a possible bullish setup which I think has a high probability of occurrence.
We have the red 4hr trendline which has been serving as a resistance by pushing GBPJPY downwards, since February 23, 2023 and price is currently trading near it at the moment. I am of the opinion the trendline would hold today and GBPJPY would get rejected again but this is a 15mins TF analysis, and there's a possibility price touches 162.60 from the purple colored zone before the rejection to the downside happens.
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We have the red 4hr trendline which has been serving as a resistance by pushing GBPJPY downwards, since February 23, 2023 and price is currently trading near it at the moment. I am of the opinion the trendline would hold today and GBPJPY would get rejected again but this is a 15mins TF analysis, and there's a possibility price touches 162.60 from the purple colored zone before the rejection to the downside happens.
Feel free to leave a comment. Please like and follow me for more updates
Trade closed: target reached:
GBPJPY didn't retrace but shot up to target
