GBP/JPY has reached the resistance zone of 172 where multiple price rejections had
taken place in the past. So far, price has failed to breach this level. If the bears continue
to defend this strong resistance zone, then a bearish reversal is likely for GBP/JPY.
As indicated in the chart, a sell entry in the vicinity of 172 with Stop loss placed above the
resistance zone and initial TP at 168 would be potential sell trade.
Keep in mind, this bearish scenario is valid only if the resistance zone at 172 stays intact.
taken place in the past. So far, price has failed to breach this level. If the bears continue
to defend this strong resistance zone, then a bearish reversal is likely for GBP/JPY.
As indicated in the chart, a sell entry in the vicinity of 172 with Stop loss placed above the
resistance zone and initial TP at 168 would be potential sell trade.
Keep in mind, this bearish scenario is valid only if the resistance zone at 172 stays intact.
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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.