GBPJPY
Analysis:
The point marked "C" seems to represent the lowest point within a symmetrical triangle pattern. This indicates price consolidation between the support and resistance lines.
Currently, the price has broken above the lower boundary of the triangle and appears to be moving upwards. This could signal a breakout to the upside, especially if it’s a confirmed breakout with strong volume.
Possible Outcomes for "C":
If the price pulls back (retest): The price might return to the support line (which was previously resistance) to test it again. This is often referred to as a "retest" before continuing higher.
If the upward movement continues: If the breakout is confirmed, the price could move toward the upper resistance line (the pink line sloping downward).
Recommendation:
Watch for a small pullback where the price tests the breakout line (now acting as new support). If it holds there, it could indicate further upward movement.
Pay close attention to the 200.00 level, as it seems like a significant technical resistance level where price action could face challenges.
The point marked "C" seems to represent the lowest point within a symmetrical triangle pattern. This indicates price consolidation between the support and resistance lines.
Currently, the price has broken above the lower boundary of the triangle and appears to be moving upwards. This could signal a breakout to the upside, especially if it’s a confirmed breakout with strong volume.
Possible Outcomes for "C":
If the price pulls back (retest): The price might return to the support line (which was previously resistance) to test it again. This is often referred to as a "retest" before continuing higher.
If the upward movement continues: If the breakout is confirmed, the price could move toward the upper resistance line (the pink line sloping downward).
Recommendation:
Watch for a small pullback where the price tests the breakout line (now acting as new support). If it holds there, it could indicate further upward movement.
Pay close attention to the 200.00 level, as it seems like a significant technical resistance level where price action could face challenges.
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