legacyFXofficial

GBP/JPY CONTINUES TO STAND LOCKED IN A TRIANGLE

OANDA:GBPJPY   British Pound / Japanese Yen
At this point in time, the most important thing to pay attention to is that the area between the ¥149 and the ¥150 level continues to be a major support level and is heavily defended including the 200-EMA. However, each successive high continues to get lower so it does make a certain amount of sense that we may see an attempt to break down below the ¥149 level given enough time.

If the price breakthrough the major support zone between the ¥149 and the ¥150 level will kick off a major move to the downside that could send this currency pair all the way down towards the ¥148 level and possibly even that zone doesn’t hold the price it could reach the levels far away on South at ¥145 or ¥142.

On the other side, if the price will turn around and take out the ¥152 level, then it is likely that we would see this market go looking towards the ¥153 level or higher the levels around ¥155 - ¥156.


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