GBPJPY DAILY ANALYSIS, the crucial support line lies around 149

2022年3月7日

First, let us cover some historical points in GBP/JPY's near history. Looking at the bigger picture, we are in the clear consolidation zone. The crucial support line lies around 149. The pivotal resistance line would be near 158. We are currently in the downtrend, on our way to the support line as we hit resistance. We can even see a strong chart pattern, a double top with neckline broken. That shows down movement for us. Price will most likely hit the support line and yet again bounce from it. That would make a significant entry point for buyers (if confirmed). Regardless, price action can still break this support zone and start the downtrend.

Use this information at your own risk. This analysis is to point out the high probability key points. For day traders, it is crucial to know the bigger picture. Have fun trading!