GBPJPY now - fall to support, then - grow to resistance
Since the beginning of September, the price has dropped significantly.
The fall was strong and prolonged.
And only at the end of September the price stopped and started an upward trend.
During which it formed a support line (first touch in the area of 134.496).
The first touch occurred in October and since then the price has regularly turned upward, touching this line
The last strong movement was in the first week of November (the price worked out half of the positions it had lost at once).
Price growth from above is corrected by two strong resistance lines.
And as support and resistance intersect, price swings become less active.
Yesterday the price touched the support line (138.295) again and started to grow.
However, I expect that it will return to the line of support when it reaches resistance.
It will consolidate in the area of 138.884 and only after that it will grow.
The target is the resistance zone 140.263.
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Share your opinion in the comments and support the idea with likes.
Thank you for your support!
The fall was strong and prolonged.
And only at the end of September the price stopped and started an upward trend.
During which it formed a support line (first touch in the area of 134.496).
The first touch occurred in October and since then the price has regularly turned upward, touching this line
The last strong movement was in the first week of November (the price worked out half of the positions it had lost at once).
Price growth from above is corrected by two strong resistance lines.
And as support and resistance intersect, price swings become less active.
Yesterday the price touched the support line (138.295) again and started to grow.
However, I expect that it will return to the line of support when it reaches resistance.
It will consolidate in the area of 138.884 and only after that it will grow.
The target is the resistance zone 140.263.
-------------------------
Share your opinion in the comments and support the idea with likes.
Thank you for your support!
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