GBPJPY → Level retest, market tries to break the boundary
Updated
GBPJPY is breaking through the 188.3 boundary, formed last year, on the back of another resistance retest. Consolidation of the price above this level will form the potential for further growth. The currency pair was in the phase of sideways movement (flat) for a long time. But, the movement of the last two weeks gives us a premise that this flat may be broken in the near future. Yesterday, the currency pair formed a bullish candlestick that overcame the mentioned flat boundary. The session closes above 188.3 and also at its highs, thus forming a local level - the high of the day - 188.5. A retest of this level is possible in the near future. Our task is to wait for price consolidation above 188.3 - 188.5. This will be a confirmation of the market's readiness to continue the bullish trend. The target in this case will be 190.0 - 191.0.
Resistance levels: 188.3, 188.5
Support levels: 187.38, ascending support line
I expect the trend to continue, the whales are forming a quick retest of 188.3, which signals the possible end of the flat and the market's transition to the distribution phase and bullish trend.
Regards R. Linda!
Note
A retest of the level is formed on the low timeframe Friday's closing above the level may be a good signal for further growth
Trade closed: target reached
Target of 190.00 reached :)
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