GBPJPY is in a narrow upward range (price channel) Price is squeezed between 169.09 and 167.39. The local trend is upward. What to expect?
We see the formation of an upward price channel in a consolidated movement, the nearest target due to the resistance of 169.09 has not been reached, the price went down, but a triangle pattern is formed at the base of the upward channel, if the price breaks the resistance of the pattern, it may go to 169.09 again and then to 170.58.
Should we expect a break-down of the pattern support? Less likely, but yes, because a secondary retest of the channel support is formed and the price might break it and go towards 166.100
Regards R. Linda!
We see the formation of an upward price channel in a consolidated movement, the nearest target due to the resistance of 169.09 has not been reached, the price went down, but a triangle pattern is formed at the base of the upward channel, if the price breaks the resistance of the pattern, it may go to 169.09 again and then to 170.58.
Should we expect a break-down of the pattern support? Less likely, but yes, because a secondary retest of the channel support is formed and the price might break it and go towards 166.100
Regards R. Linda!
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🌹TRADING is a CASINO💔!?
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
NO‼️
Join me, I'll guide you to PROFITABLE TRADING💵!
(don't copy, click on the links!)
🟢Telegram Channel: t.me/RLindaTrade
🧿 Web: rlinda.com
🔴Contact: t.me/RLindaSignals
Related publications
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.