GBPJPY: Potential Range Trading Setup
GBPJPY recently tested a strong resistance area near 200 and reacted with a pullback. This suggests the pair might be gearing up for another move lower.
Risk remains elevated across all XXXJPY pairs, especially since the yen has been weak for an extended period. Based on current price action, GBPJPY appears to be forming a range — with signs pointing to a possible breakdown.
The first support level is around 198. If this level fails, the next likely targets are 196.50 and 195.50, as shown on the chart.
You may find more details in the chart!
Thank you and Good Luck!
PS: Please support with a like or comment if you find this analysis useful for your trading day
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
GBPJPY recently tested a strong resistance area near 200 and reacted with a pullback. This suggests the pair might be gearing up for another move lower.
Risk remains elevated across all XXXJPY pairs, especially since the yen has been weak for an extended period. Based on current price action, GBPJPY appears to be forming a range — with signs pointing to a possible breakdown.
The first support level is around 198. If this level fails, the next likely targets are 196.50 and 195.50, as shown on the chart.
You may find more details in the chart!
Thank you and Good Luck!
PS: Please support with a like or comment if you find this analysis useful for your trading day
Disclosure: I am part of Trade Nation's Influencer program and receive a monthly fee for using their TradingView charts in my analysis.
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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.