GBPJPY looks ready to move up but...
This pound yen ended with a third consecutive green candle as higher lows are being formed. It looks like the pair is ready for a long sustained move to the upside. However, in the short term, we may see a retest to the 148 level before the move can happen
BULL CASE
We can see the pair move farther to the upside after a short retrace to the 152.3 level.
BEAR CASE
There are still longs placed near the 148 levels that may be liquidated if price reaches those levels. A short-lived price manipulation to those levels may have to happen before the corrective cycle is completed.
BULL CASE
We can see the pair move farther to the upside after a short retrace to the 152.3 level.
BEAR CASE
There are still longs placed near the 148 levels that may be liquidated if price reaches those levels. A short-lived price manipulation to those levels may have to happen before the corrective cycle is completed.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.