GBPJPY: Few signs of an upcoming MARKET REVERSAL
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🟢Forex Pair:
GBP/JPY
⚪Technical Analysis:
Since the 18th of January, the price has been moving with a clear uptrend, following a strong secondary trendline.
On the 1st of February 2021, the price reached the main resistance zone at about 144.000, that quickly rejected it.
It is currently re-testing a daily S/R zone at about 143.100 and the next price action around that level will be important to confirm an inversion of this market.
🔴Conclusion:
The price failed twice the attempt to break through the main resistance zone at about 144.000 and in the daily perspective few pinbars could be an interesting sign of weakness.
I'm confident to see the price breaking the current daily S/R zone and reaching the secondary trendline and eventually the next support zone at about 142.200, level very close to the main trendline.
I'll be waiting the breakout of the current zone before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
🟢Forex Pair:
GBP/JPY
⚪Technical Analysis:
Since the 18th of January, the price has been moving with a clear uptrend, following a strong secondary trendline.
On the 1st of February 2021, the price reached the main resistance zone at about 144.000, that quickly rejected it.
It is currently re-testing a daily S/R zone at about 143.100 and the next price action around that level will be important to confirm an inversion of this market.
🔴Conclusion:
The price failed twice the attempt to break through the main resistance zone at about 144.000 and in the daily perspective few pinbars could be an interesting sign of weakness.
I'm confident to see the price breaking the current daily S/R zone and reaching the secondary trendline and eventually the next support zone at about 142.200, level very close to the main trendline.
I'll be waiting the breakout of the current zone before planning my short position on this trade.
Stay tuned for Updates and Trading Signals!
What's your opinion? Share your idea writing a comment!
⚠️Please note the views are not investment advice and should be used only for educational purposes⚠️
Trade Safe and Responsibly,
Gianni
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