GBP/JPY : Technical Analysis and a signal!
hello guys!
it is a risky position!!
Rising Channel:
The price has been trending upward within a well-defined ascending channel. However, it is currently testing the upper boundary of this channel.
Resistance Zone (Red Box):
Strong resistance is seen around the 196.117 level.
The price attempted to break through this resistance but faced rejection multiple times, suggesting a bearish reversal could be imminent.
Support Levels (Green Area):
There’s a key support level of around 187.953.
This support aligns with the lower boundary of the ascending channel, making it a potential target for any upcoming bearish move.
Bearish Momentum:
The price shows signs of weakness as it struggles below the red resistance zone.
A corrective move downwards is expected, with the first target around the 190.000 psychological level, followed by a potential drop to the 187.953 support zone.
Risk-Reward Setup:
The chart shows a clear risk/reward scenario, where a break below the 194.462 zone may trigger a sell-off towards lower levels.
it is a risky position!!
Rising Channel:
The price has been trending upward within a well-defined ascending channel. However, it is currently testing the upper boundary of this channel.
Resistance Zone (Red Box):
Strong resistance is seen around the 196.117 level.
The price attempted to break through this resistance but faced rejection multiple times, suggesting a bearish reversal could be imminent.
Support Levels (Green Area):
There’s a key support level of around 187.953.
This support aligns with the lower boundary of the ascending channel, making it a potential target for any upcoming bearish move.
Bearish Momentum:
The price shows signs of weakness as it struggles below the red resistance zone.
A corrective move downwards is expected, with the first target around the 190.000 psychological level, followed by a potential drop to the 187.953 support zone.
Risk-Reward Setup:
The chart shows a clear risk/reward scenario, where a break below the 194.462 zone may trigger a sell-off towards lower levels.
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