GBPJPY: Watch for the Price Action at The Trend Line
Here is another market that can be added to your watchlist. The price is not far from the local uptrend line. SMA50 is not far from the current price, and it formed the support zone with the uptrend line.
If the price bounces from this support zone, it will be possible to search for buy opportunities using the hourly timeframes.
If the price breaks the uptrend line, it will be a bearish signal. But I don't think that selling will be a good idea. There is 141.20 support level below the uptrend line, which will be able to stop and reverse the market. The same goes about SMA100 and SMA200.
In this market, I would prefer to use buy signals. They look more logical and, as a result, more reliable. But if there are fundamental factors supporting sellers, of course, selling will be profitable as well.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price bounces from this support zone, it will be possible to search for buy opportunities using the hourly timeframes.
If the price breaks the uptrend line, it will be a bearish signal. But I don't think that selling will be a good idea. There is 141.20 support level below the uptrend line, which will be able to stop and reverse the market. The same goes about SMA100 and SMA200.
In this market, I would prefer to use buy signals. They look more logical and, as a result, more reliable. But if there are fundamental factors supporting sellers, of course, selling will be profitable as well.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Disclaimer
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