💱GBPJPY - A global u-turn pattern will send the price downward
GBPJPY is forming a correction which is smoothly developing into a reversal set-up. Yen stops weakening?
TA on the high timeframe:
1) The price is bumping into the limit zone at 183.76
2) Resistance level 182.00 is formed, through which the price cannot pass, correction to the lower liquidity area is formed.
TA on the low timeframe:
1) After the main correction wave, we see a pullback to 0.618 fibo. A clear touch suggests a strong influence of sellers.
2) Price is falling below the key level of 180.858. Our task is to wait for consolidation under the level
3) The correction may become protracted with the formation of a pattern to sell from 180.85 and the breakout of 179.46 will confirm the change of trend.
Key resistance📈: 180.85
Key support📉: 179.46
TA on the high timeframe:
1) The price is bumping into the limit zone at 183.76
2) Resistance level 182.00 is formed, through which the price cannot pass, correction to the lower liquidity area is formed.
TA on the low timeframe:
1) After the main correction wave, we see a pullback to 0.618 fibo. A clear touch suggests a strong influence of sellers.
2) Price is falling below the key level of 180.858. Our task is to wait for consolidation under the level
3) The correction may become protracted with the formation of a pattern to sell from 180.85 and the breakout of 179.46 will confirm the change of trend.
Key resistance📈: 180.85
Key support📉: 179.46
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