💱GBPJPY - The counter-trend correction may end soon

20 Eyl 2023

GBPJPY is in the correction phase amid the global uptrend. The Central Bank may stop raising rates, which will predictably affect the pricing of the pound. A wedge is forming within the correction, which is an interesting set-up against the backdrop of the GBPJPY currency pair

TA on the high timeframe:
1) The Japanese Yen may continue its weakening. In this case, the pound, on its background will begin to actively strengthen
2) Within the wedge and against the background of the indicator on the D1 chart, we see the formation of consolidation (wedge against the background of the uptrend). In the future, the growth of the currency pair may continue

TA on the low timeframe:
1) We have an actual descending channel. Consolidation is formed in the range between 183.4 - 182.7.
2) A descending wedge is also forming on the chart. Statistically, in this case, most often the price breaks the resistance figure to end the counter-trend correction
3) We are waiting for a breakout of the triangle resistance with subsequent growth.
4) But the consolidation of the price below 182.7 will be a signal for selling.

Key support📉: 182.7
Key resistance📈: 183.5