GBP/JPY rose significantly higher yesterday, trading up to 156.25 of its recent highs and nearing a bullish flag breakout on the daily chart.
From the present situation, if GBP/JPY can break and stable above 156.40/156.50 will confirm the bullish flag breakout.
With a daily closing above 156.50, there is a big chance that GBP/JPY can test 160.00 within a few days in the longer pictures.
From the present rate, immediate support is identified at nearly a 154.70 price zone. However, when markets form a bullish and bearish flag, flat support and resistance are not necessary.
Instead, ascending and descending channel support and resistance is a more important player. So, 154.30/154.50 may play as strong support in these cases. And strong resistance holds nearly 156.30/156.50 price zone.
So, breaking above 156.40/156.50 bullish flag may break out, and we will buy GBP/JPY. First target nearly 157/157.20 Price zone. And finally, if the GBP/JPY can break above 15720, next target 158 price zone.
On the other hand, if the BOE is dovish today GBP/JPY may initially test 154.70/154.30 price zone.
So may see some upward correction from the 154.70/154/30 to 155.50/155.70 price zone.
From the present situation, if GBP/JPY can break and stable above 156.40/156.50 will confirm the bullish flag breakout.
With a daily closing above 156.50, there is a big chance that GBP/JPY can test 160.00 within a few days in the longer pictures.
From the present rate, immediate support is identified at nearly a 154.70 price zone. However, when markets form a bullish and bearish flag, flat support and resistance are not necessary.
Instead, ascending and descending channel support and resistance is a more important player. So, 154.30/154.50 may play as strong support in these cases. And strong resistance holds nearly 156.30/156.50 price zone.
So, breaking above 156.40/156.50 bullish flag may break out, and we will buy GBP/JPY. First target nearly 157/157.20 Price zone. And finally, if the GBP/JPY can break above 15720, next target 158 price zone.
On the other hand, if the BOE is dovish today GBP/JPY may initially test 154.70/154.30 price zone.
So may see some upward correction from the 154.70/154/30 to 155.50/155.70 price zone.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.