GBPJPY → Bull market continues to push price after shakeout

4 Eyl 2023

GBPJPY continues to form a bullish trend. A flat is forming within the ascending price channel and another retest of support leads to a bullish impulse



Earlier on the chart we see a strong spike down. A false break of support forms a shakeout in the market, a huge amount of volume is involved and in tandem with unstable fundamentals for the Japanese Yen, it predictably affects the pricing of currency pairs.
For us the key role within the flat plays resistance 184.55 and support 183.7. Break of one of the zones with the subsequent consolidation of the price above the line will form the potential for movement in one direction or another. I am expecting growth from 184.55 as a priority. The medium-term target for us will be the resistance area of 186.765. The price is also testing MA-50 and an impulse will be formed in case of breakout.

Support levels: 183.700
Resistance levels: 184.55
I expect the continuation of growth in priority. The price can also test the support with a false breakout, but the medium-term potential remains the same.

Regards R. Linda!