GBP/JPY CONTINUES TO STAND LOCKED IN A TRIANGLE
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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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.
Risk Disclosure: Trading Foreign Exchange (Forex) and Contracts of Difference (CFD's) carry a high-risk level. By registering and signing up, any client affirms their understanding of their own personal accountability for all transactions performed within their account and recognizes the risks associated with trading on such markets and such sites. Furthermore, one understands that the company carries zero influence over transactions, needs, and trading signals. Therefore, it cannot be held liable nor guarantee any profits or losses.