GBP/JPY – Week 23 – Is the support going to hold?

This pair reached the top (156.100) on the 27th of May and then started correcting. This correction is a higher degree one than those marked with a red channel on the chart. As we can see on the 4h time-frame, the probability is higher for a small continuation to the downside (with or without retracement) until the price reaches the decision zone/support. There we must study the price action to decide if the price continues to the downside or we have reversal at hand. We do not advise buying now if you are trading the small time-frames.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.

Comment:

Wait for confirmation before going long. It didn't break the trend line. Don't jump straight into candles. 👀👀