GBPJPY → A sideways range is forming. Emphasis on resistance...
Updated
GBPJPY is strengthening after forging a double bottom at 184.0. It is also favored by the JPY correction on the back of the dollar correction after the unpredictable reaction to the US interest rate cuts...The currency pair may continue its decline from the resistance zone 192-193.5. This is facilitated by a number of nuances: Japan still holds the course for further strengthening of interest rates in order to save the value of the national currency. The dollar may continue its fall after traders come to their senses after the US interest rate cuts....
Overall, this tandem can have a strong impact on the JPY strength and on the currency pair as a whole, allows to form a medium-long term strategy on the currency pair.
Technically, I am waiting for a false breakdown or bounce from the mentioned resistance zone with the subsequent decline to the liquidity zone....
Resistance levels: 191.4, 193.48, 193.97
Support levels: 190.5, 186.7
BUT! If the bulls manage to consolidate above 193.97, then an upward impulse may be formed, because at the moment the environment (technical and fundamental background) is still tense...
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Regards R. Linda!
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