💱GBPJPY - The price is squeezed in a range. Possible decline
GBPJPY is forming a symmetrical triangle. The price is testing the resistance and falling (rebound). Another retest may not yield results and the price within the triangle may head towards 179.77
TA on the high timeframe:
1) The trend has stopped and the price is forming a sideways flat pattern
2) False breakout and consolidation below the liquidity area gives a chance to fall to 180.00.
TA on the low timeframe:
1) A retest of pattern resistance is forming. Price from the upper line may head down.
2) Price has potential and local target within the pattern - lower area and 180.00 zone
3) But! If the fundamental component changes, the price in the format of the resistance retest can break it and continue the trend aimed at strengthening of the currency pair.
Key support📉: 180.75, 179.77
Key resistance📈: 182.17, 182.52
TA on the high timeframe:
1) The trend has stopped and the price is forming a sideways flat pattern
2) False breakout and consolidation below the liquidity area gives a chance to fall to 180.00.
TA on the low timeframe:
1) A retest of pattern resistance is forming. Price from the upper line may head down.
2) Price has potential and local target within the pattern - lower area and 180.00 zone
3) But! If the fundamental component changes, the price in the format of the resistance retest can break it and continue the trend aimed at strengthening of the currency pair.
Key support📉: 180.75, 179.77
Key resistance📈: 182.17, 182.52
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